GBPUSD Elliott Wave - Short soon
My previous idea was that we were possibly completing higher degree wave B or 2. While the reversal call was accurate so far, my primary count has now changed.
I still think we are completing a higher degree wave B or 2. I just think we have one more move down before we complete it.
Idea is that we are in an ABC flat for a wave B (higher degree). Once this final leg of the flat completes, I will look for bearish divergence on Stoch RSI, and OS on both H1 and D1.
My elliott wave target for this minor wave C is between 1.31142 and 1.31236.
Let's see!
I still think we are completing a higher degree wave B or 2. I just think we have one more move down before we complete it.
Idea is that we are in an ABC flat for a wave B (higher degree). Once this final leg of the flat completes, I will look for bearish divergence on Stoch RSI, and OS on both H1 and D1.
My elliott wave target for this minor wave C is between 1.31142 and 1.31236.
Let's see!
Trade active:
Forgot to update the trade status. Entered at 1.3193 short. I plan to take 50% profit at the .618 extension zone if we have any bullish sign on the stochRSI.
Hopefully this idea was helpful, and I will continue to update as we keep going.
Hopefully this idea was helpful, and I will continue to update as we keep going.
Comment:
Just took 50% profit at 1.2835. I expect a correction now, and will let the second 50% ride. I do expect that we will drop again. I may look for a short entry for the next wave down, if it presents itself.
