GBPUSD: Correction to the fall from 1.719 almost complete?
This pair have an excellent fall from 1.719 which started in June 2014. I marked in movement as wave ((1)).
The correction structure looking like a clearly extended flat pattern, which retraced a little bit more 38.2% from fall from top.
This deep of correction not common for second waves. In general is equal 50%-61,8%, but not necessarily.
Now the pair do a wave 5 of wave (c) with targets: 1.572; 1.579 or a little bit more (fibo relation in wave 5). Also, key level which show, that correction complete is wave fourth of wave 5 = 1.5394. After that I will wait that the pair will fall until the 27th on May (new RSI cycle low level). It will important, because need to see how the pair will take a new low: it may be a clearly impulse wave or something like a zig-zag or any correction, that may indicate wave x.
If this rise will the last, then the pair will have a significant fall in wave ((3)).
A common proportion is: wave ((3)) = 1.618 x wave ((1)) = 1.16 - greatest chance for good short. Im will aiming for it in next days/weeks.
The correction structure looking like a clearly extended flat pattern, which retraced a little bit more 38.2% from fall from top.
This deep of correction not common for second waves. In general is equal 50%-61,8%, but not necessarily.
Now the pair do a wave 5 of wave (c) with targets: 1.572; 1.579 or a little bit more (fibo relation in wave 5). Also, key level which show, that correction complete is wave fourth of wave 5 = 1.5394. After that I will wait that the pair will fall until the 27th on May (new RSI cycle low level). It will important, because need to see how the pair will take a new low: it may be a clearly impulse wave or something like a zig-zag or any correction, that may indicate wave x.
If this rise will the last, then the pair will have a significant fall in wave ((3)).
A common proportion is: wave ((3)) = 1.618 x wave ((1)) = 1.16 - greatest chance for good short. Im will aiming for it in next days/weeks.
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