GBPUSD 25th November, 2013 — Update

The main hourly count`s confirmation point was not reached and the pound moved towards the upside invalidating the hourly count. As mentioned in today`s video analysis the possibility of a third wave down is present and therefore we are modifying the subdivisions within wave (1) aqua according to the latest price action.

As always we will wait for either count`s confirmation point to be reached to determine the highly probable count.

Main Hourly Count

– Invalidation Point: 1.6241
– Confirmation Point: 1.6133
– Downwards Targets : 1.6088 — 1.6022
– Wave number: 5 maroon
– Wave structure: Motive
– Wave pattern: Impulse/Ending Diagonal

Elliott Wave chart analysis for the GBPUSD for 25th November, 2013. Please click on the charts below to enlarge.

Main Hourly Wave Count

02-gbpusd25nov13hourlyupdate

This count expects that wave v pink within wave C blue is complete and that wave 5 maroon is starting to unfold towards the downside.

Within wave 5 maroon waves (i) and (ii) green are highly likely complete and that wave (iii) green is underway.

Within wave (iii) green waves i and ii orange are expected complete and wave iii orange is starting to unfold towards the downside.

This count expects that wave ii orange within wave (iii) green is likely complete as a double zigzag labeled waves W, X and Y purple.

Wave W purple unfolded as a zigzag labeled waves (A), (B) and (C) aqua with wave (C) aqua unfolding as an impulse labeled waves 1 through 5 red.

Wave Y purple unfolded as a zigzag labeled waves (A), (B) and (C) aqua with wave (C) aqua unfolding as an impulse labeled waves 1 through 5 red.

Within Wave iii orange waves (1) and (2) aqua are expected complete with wave (1) aqua unfolding as an impulse labeled waves 1 through 5 red and wave (2) aqua unfolded as a zigzag labeled waves A, B and C red.

It would be confirmed that wave (3) aqua is underway by movement below 1.6133.

At 1.6088 wave (3) aqua will reach equality with wave (1) aqua and at 1.6022 wave (3) aqua will reach 1.618 the length of wave (1) aqua.

This count would be invalidated by movement above 1.6241 as wave (2) aqua may not retrace more than 100 % the length of wave (1) aqua and it should be noted that once we have confirmation on the hourly chart the invalidation point will be moved to the end of wave (2) aqua.

Alternate Daily Wave Count

04-gbpusd25nov13dailyalt

This count expects that wave (E) black and therefore wave 4 maroon are incomplete and that within wave (E) black waves A and B blue are complete and wave C blue is unfolding towards the upside.

Wave A blue unfolded as an impulse labeled waves i through v pink.

Wave i pink unfolded as a leading diagonal labeled waves (i) through (v) green.

Wave B blue unfolded as a flat correction labeled waves a, b and c pink with wave c pink unfolding as an impulse labeled waves (i) through (v) green.

This count expects that wave C blue is unfolding towards the upside and it would be confirmed that wave C blue is underway by movement above 1.6257.

At 1.6354 wave iii pink will reach equality with wave i pink and at 1.6407 wave C blue will reach 0.382 the length of wave A blue.

This count would be invalidated by movement below 1.5854 as within wave C blue wave ii pink may not retrace more than 100 % the length of wave i pink and as well this count would be invalidated by movement above 1.6747 as wave (E) black may not exceed the end of wave (C) black within a contracting triangle.

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