GBPUSD Big move down on the way?
GBP/USD looks like we are starting a wave 3 of 4. In addition it looks like we have a wedge forming which is a sequence of waves 1 and 2 which could make the move explosive.
Wave 2 stopped in between 50% and 61.8% of wave 1.
Price has keep capped my the weekly ichimoku cloud base
What to look for.
look for a 3 wave move up to form wave (2). When this has formed enter the trade on the break of wave b with a stop above wave c. I will post confirmation when this happens.
The top of wave 4 coincided with a 60 touch RSI
Price is also bound by the monthly ichimoku cloud
If price moves above wave 2 in circle (1.5661) the count is invalid.
A break of the Neckline would also help to reinforce the view that we have a head and shoulders pattern.
My first target id 1.618 of wave 1 which comes in at 1.4693
Breaks of 1.5330 and 1.5170 will add extra confidence to this view.
Wave 2 stopped in between 50% and 61.8% of wave 1.
Price has keep capped my the weekly ichimoku cloud base
What to look for.
look for a 3 wave move up to form wave (2). When this has formed enter the trade on the break of wave b with a stop above wave c. I will post confirmation when this happens.
The top of wave 4 coincided with a 60 touch RSI
Price is also bound by the monthly ichimoku cloud
If price moves above wave 2 in circle (1.5661) the count is invalid.
A break of the Neckline would also help to reinforce the view that we have a head and shoulders pattern.
My first target id 1.618 of wave 1 which comes in at 1.4693
Breaks of 1.5330 and 1.5170 will add extra confidence to this view.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.