Traders, it's time to dissect the GBPUSD chart with our Elliott Wave glasses on. On the 30-minute time frame, it looks like we've just witnessed the completion of an impulsive wave with the high of wave (3). As we navigate through the waves, we've potentially identified the start of wave (4), which traditionally is a corrective wave.
The market seems to be retracing from the peak of wave (3), and I'm closely watching the Fibonacci levels of 0.382 at 1.24024, 0.5 at 1.23889, and 0.618 at 1.23754 for potential support and reversal points that might indicate the end of wave (4) and the start of wave (5).
As per Elliott Wave guidelines, the wave (4) correction should not overlap the wave (1) peak, which sets a limit for how deep this correction might go. Once wave (4) concludes, we might expect wave (5) to push higher, completing the cycle.
In the realm of the forex market, where GBPUSD is heavily influenced by economic data and political scenarios, especially with Brexit talks and economic policy decisions, it's critical to stay updated with the news flow and adjust strategies accordingly. I'm preparing to ride the wave (5) up with proper risk management in place. Happy trading and let’s keep a keen eye on those Fib levels!
The market seems to be retracing from the peak of wave (3), and I'm closely watching the Fibonacci levels of 0.382 at 1.24024, 0.5 at 1.23889, and 0.618 at 1.23754 for potential support and reversal points that might indicate the end of wave (4) and the start of wave (5).
As per Elliott Wave guidelines, the wave (4) correction should not overlap the wave (1) peak, which sets a limit for how deep this correction might go. Once wave (4) concludes, we might expect wave (5) to push higher, completing the cycle.
In the realm of the forex market, where GBPUSD is heavily influenced by economic data and political scenarios, especially with Brexit talks and economic policy decisions, it's critical to stay updated with the news flow and adjust strategies accordingly. I'm preparing to ride the wave (5) up with proper risk management in place. Happy trading and let’s keep a keen eye on those Fib levels!
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