ORBEX: EURGBP - Zig-Zag Can Be Expected To End Correcting Lower
It looks like the corrective minute wave y of the minor motive wave C of the corrective W,X,Y zig-zag pattern has a little more room to move further down. Wave y at 0.888 is also the 50% FR of minor B of the second A,B,C zig-zag at 0.8974 and the minute wave v at the market low of 0.8786.
The correction could indeed end higher, near the golden ratio where another three-wave pattern wave can be expected. The invalidation level, however, would be above minor B at 0.8974 with the first signs of the invalidation appearing near minor A top at 0.8942.
The current structure suggests that the confluence extension low of this market could reach the golden level near 0.8650, and even slide lower.
In that event, the first stop would be the current market's low at 0.8786, then, the round 0.87.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
The correction could indeed end higher, near the golden ratio where another three-wave pattern wave can be expected. The invalidation level, however, would be above minor B at 0.8974 with the first signs of the invalidation appearing near minor A top at 0.8942.
The current structure suggests that the confluence extension low of this market could reach the golden level near 0.8650, and even slide lower.
In that event, the first stop would be the current market's low at 0.8786, then, the round 0.87.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Comment:
Could turn out as a triple combo.