Elliott Wave chart analysis for the GBPUSD. Please click on the charts below to enlarge.
First Alternate.
This alternate wave count follows the main wave count on the monthly and weekly charts. It differs only on the daily chart.
It sees the pound as within the early stages of cycle wave III downwards.
We may see a complete wave structure for black (intermediate) wave (1). Although it looks mostly like a three on the daily chart, the pound does not always exhibit typical looks for its structures.
Ratios within black wave (1) are: wave 3 blue is 24 pips longer than equality with wave 1 blue and there is no Fibonacci ratio between wave 5 blue and either of 1 or 3 blue.
