GBPUSD is moving
higher, but rally from July low is still in three legs with wave C) now near
completion as price is approaching upper trend line of a corrective channel as
well as equality level compared to wave A). We can also count five waves up
from 1.5100 wave B) low, so sooner or later reversal will follow, ideally from
1.5700.
GBPUSD:
Elliott Wave Analysis Chart
Ziag-Zag:
Corrective Elliott Wave Pattern
A three wave
A-B-C move in Elliott Wave Theory is called a zig-zag that generally moves
counter to the larger trend. It is one of the most common corrective Elliott
Wave patterns.
• Structure is 5-3-5
• wave A must be a motive wave
• wave B can only be a corrective pattern
• wave B must be shorter than wave A by price distance
• wave C must be a motive wave.
• appears in wave two or four in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or wave Y in a triple threes
• wave A must be a motive wave
• wave B can only be a corrective pattern
• wave B must be shorter than wave A by price distance
• wave C must be a motive wave.
• appears in wave two or four in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or wave Y in a triple threes
Written by www.ew-forecast.com
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