Here's my analysis of the GBP/USD 1-hour chart, where I've applied the Elliott Wave Principle to decipher the market's rhythmic patterns. The chart presents a complete five-wave impulse sequence followed by what appears to be the start of an ABC correction.
Wave (1) started the sequence with a strong bullish push, succeeded by a corrective wave (2). The third wave (3), typically the most extended, did not disappoint, bringing a robust bullish momentum. After wave (3)'s peak, wave (4) brought in a modest retracement, setting the stage for wave (5), which seems to have completed the impulse phase just shy of previous resistance levels.
As for the current scenario, the corrective phase has initiated with wave (a) bringing the price down swiftly. Wave (b) retraced a portion of wave (a)'s movement, forming a peak that now leads into wave (c), projected by the dotted blue line. I'm anticipating wave (c) to extend towards the 1.25199 level, aligning with the Fibonacci ratio commonly seen in wave corrections.
Moving forward, I'll be watching closely for price action confirmation of this pattern. If the price respects the projected path, it could offer a potential trading opportunity upon completion of wave (c). However, given the inherent uncertainties in the market, I'll remain flexible in my approach and ready to adapt to any new information or market movements.
Wave (1) started the sequence with a strong bullish push, succeeded by a corrective wave (2). The third wave (3), typically the most extended, did not disappoint, bringing a robust bullish momentum. After wave (3)'s peak, wave (4) brought in a modest retracement, setting the stage for wave (5), which seems to have completed the impulse phase just shy of previous resistance levels.
As for the current scenario, the corrective phase has initiated with wave (a) bringing the price down swiftly. Wave (b) retraced a portion of wave (a)'s movement, forming a peak that now leads into wave (c), projected by the dotted blue line. I'm anticipating wave (c) to extend towards the 1.25199 level, aligning with the Fibonacci ratio commonly seen in wave corrections.
Moving forward, I'll be watching closely for price action confirmation of this pattern. If the price respects the projected path, it could offer a potential trading opportunity upon completion of wave (c). However, given the inherent uncertainties in the market, I'll remain flexible in my approach and ready to adapt to any new information or market movements.
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