Forex enthusiasts, the GBPUSD pair is showing an interesting setup on the 15-minute chart. After completing an impulsive wave with wave (5), we're seeing the beginnings of a classic Elliott Wave correction. The initial decline in wave (a) is evident, and the price has since retraced upwards, which we can identify as wave (b).
We're now anticipating the start of wave (c), which could potentially bring the price down to Fibonacci retracement levels like 0.5 at 1.24913 or even 0.618 at 1.24994. The further extension to the 0.665 level at 1.24570 is also a possibility if the momentum carries the corrective wave deeper.
It's vital to keep an eye on the economic calendar and news flows as the Pound can be quite reactive to political and economic events from both the UK and the US. Any trades based on this setup should be managed with stringent risk controls, ensuring they align with your trading plan.
As we track the potential of wave (c), I'm looking for key signals and confirmations before considering any positions, aiming to capitalize on this corrective phase within the larger trend. Let’s stay focused on the price action as this pattern develops!
We're now anticipating the start of wave (c), which could potentially bring the price down to Fibonacci retracement levels like 0.5 at 1.24913 or even 0.618 at 1.24994. The further extension to the 0.665 level at 1.24570 is also a possibility if the momentum carries the corrective wave deeper.
It's vital to keep an eye on the economic calendar and news flows as the Pound can be quite reactive to political and economic events from both the UK and the US. Any trades based on this setup should be managed with stringent risk controls, ensuring they align with your trading plan.
As we track the potential of wave (c), I'm looking for key signals and confirmations before considering any positions, aiming to capitalize on this corrective phase within the larger trend. Let’s stay focused on the price action as this pattern develops!
Trade closed: target reached
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