EURGBP little higher then down

11 août 2016

EURGBP is trailing higher and in the short/medium term I see 2 scenario's as likely. But both scenario's point towards 0.871 where we most likely will see a significant reaction.
The 4 hour time frame shows these scenario's:

We will either see red wave 3 finish at 0.875ish, this however will result in wave 3 =100% of wave 1 which means that wave 5 will most likely be extended. Or we see a flat correction in progress (abc in green), this might unfold in the shape of an expanded flat and therefore overshoot the high of wave 3 in blue.
This will give wave 3 in red more room to extend towards 0.90 and likely higher.
I'll update this post with lower time frames set-ups.

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15 août 2016

Note

Let structure show us what to do, impulse-consolidation-impulse.
Ideally we see a last leg higher towards 0.873 or slightly higher