• 6 hours Gold Is Beating Buffett’s Berkshire Hathaway
  • 9 hours What’s Behind The Silver Sell-Off?
  • 12 hours The Retail Apocalypse Is Accelerating
  • 15 hours The Top Tech Stocks Of The Year
  • 1 day America’s Workforce Elderly Workforce To Double By 2028
  • 1 day Toyota Tests Solar-Powered Prius
  • 2 days Why The Gold Rally Flatlined
  • 2 days The Uranium Sector Can’t Catch A Break
  • 3 days Upcoming Fed Meeting Has Investors On Edge
  • 3 days Global Gold Sector Outlines Responsible Mining Principles
  • 4 days China’s Giant Vampire Fund Loses $120B
  • 4 days McDonalds To Roll Out Robot Drive-Thru Clerks
  • 5 days Savvy Investors Are Betting Big On This Little Data Company
  • 5 days How The Government Is Wasting Tax Money This Year
  • 5 days Supply Concerns Halt Expansion On Tianqi Lithium Plant
  • 6 days The World’s Biggest IPO Is Almost Here
  • 6 days The Relatively Of Money And Happiness
  • 6 days Wall Street Unfazed By Recession Fears
  • 7 days SoftBank Urges WeWork To Pause IPO Plans
  • 7 days Anti-Aging Market To Hit $55 Billion
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: GBPUSD Approaching Some Reversal Regions

GBPUSD is trading higher, breaking out of the triangle correction that was found in previous wave 4. As we know, triangle corrections occur prior to the final wave, which means current blue wave 5 may see limited upside! In that case, be prepeared for a reversal in three legs, that may follow in the near-term. Ideally resistance and a turning point lower will come around the 1.304/1.306 zone.

GBPUSD, 4H

GBP/USD 4-Hour Chart

A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

In our example we can see a running triangle, where wave b terminates above the starting point of the previous wave a.

Triangle Correction:

Idealized Triangle Correction

Video analysis, where we talk about EURUSD, GBPUSD, USDCAD, USDCHF and Crude OIL

 


Interested in our services ? We have a Special Offer : Get 2 Months For Price of 1!! Grab the opportunity now at www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment