Elliott Wave historic chart analysis for the GBPUSD, 2010. Please click on the charts below to enlarge.
This monthly chart for the pound goes back to the early 1970′s.
Currently the pound is in cycle wave III down of supercycle wave (V) down (olive). This cycle wave III must unfold as a five wave impulse.
Upwards movement cannot move above 2.116.
Supercycle wave IV lasted a fibonacci 21 years, rising 10,640 pips, from Feb 1985 to Nov 2007.
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Version 3 (Adopted 16th July, 2011)
Colours Used For Wave Notations
Colours Used For Wave Notations
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Last Updated: Oct-11
This chart sees the euro within new trend to the downside. Upwards movement to the high at 1.6038 was in a three wave structure and so the main trend may be down.
Primary wave B was a 27% correction of primary wave A, and primary wave C was 297 pips short of equality with wave A. As primary wave C was 4398 pips this is just a 7% variation and so is acceptable.
Within the new downwards structure the first wave down is labeled primary wave 1.
The euro is within primary wave 3. Of that it has completed intermediate waves (1) and (2).
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