GBPUSD 27th June, 2014

On Friday`s session the pound unfolded towards the downside as expected and the first target was reached and exceeded by 7 pips.

We are updating the main count according to the latest price action and as well adding an alternate count which expects that wave ii orange is incomplete. It is worth mentioning that waves degree within wave iii pink will be adjusted accordingly as wave iii pink continue unfolding towards the upside.

It should be noted that a second alternate count expecting that wave 5 blue is unfolding as an ending diagonal exists, that count would be presented once it has higher probabilities.

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: 1.7007
– Confirmation Point: 1.7052
– Upwards Targets: 1.7081 — 1.7106 — 1.7167
– Wave number: iii orange
– Wave structure: Motive
– Wave pattern: Impulse

Alternate Hourly Count

– Invalidation Point: 1.6952 — 1.7052
– Confirmation Point: 1.7007
– Downwards Target: 1.6991
– Wave number: ii orange
– Wave structure: Corrective
– Wave pattern: Double Zigzag

Elliott Wave chart analysis for the GBPUSD for 27th June, 2014. Please click on the charts below to enlarge.

Main Daily Wave Count

01-gbpusd27jun14daily

This count expects that wave B maroon is unfolding as a zigzag labeled waves (A), (B) and (C) black with waves (A) and (B) black complete and wave (C) black is unfolding towards the upside.

Wave (C) black is unfolding as an impulse labeled waves 1 through 5 blue with waves 1 through 4 blue complete and wave 5 blue is unfolding towards the upside.

Wave 4 blue unfolded as a double zigzag labeled waves w, x and y pink.

Within wave 5 blue waves i and ii pink are expected complete and wave iii pink is unfolding towards the upside.

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

Wave ii pink unfolded as a zigzag labeled waves (a), (b) and (c) green.

Within wave iii pink waves (i) through (iv) green are expected complete and wave (v) green is expected to unfold towards the upside.

As far as MACD study goes, no divergence is present to support or refute the main count view.

This count would be initially confirmed by movement above 1.7064.

At 1.7081 wave 5 blue will reach equality with wave 1 blue, at 1.7089 wave (v) green will reach 1.618 the length of wave (i) green and at 1.7332 wave B maroon will reach 50 % the length of wave A maroon.

This count would be invalidated by movement above 2.1162 as wave B maroon may not retrace more than 100 % the length of wave A maroon and as well this count would be invalidated by movement below 1.6778 as wave (iv) green may not enter the price territory of wave (i) green and it should be noted that the invalidation point will be moved to the end of wave (iv) green once we have confirmation on the daily chart that wave (v) green is underway.

Main Hourly Wave Count

02-gbpusd27jun14hourly

This count expects that wave 5 blue is unfolding towards the upside as an impulse labeled waves i through v pink with waves i and ii pink complete and wave iii pink is unfolding towards the upside.

Wave ii pink unfolded as a zigzag labeled waves (a), (b) and (c) green with wave (c) green unfolding as an impulse labeled waves i through v orange.

Within wave iii pink waves (i) through (iv) green are expected complete and wave (v) green is unfolding towards the upside.

Wave (ii) green unfolded as a zigzag labeled waves a, b and c orange.

Wave (iii) green unfolded as an impulse labeled waves i through v orange.

Wave i orange unfolded as an impulse labeled waves 1 through 5 purple.

Wave ii orange unfolded as a zigzag labeled waves A, B and C purple.

Wave iii orange unfolded as an impulse labeled waves 1 through 5 purple.

Wave iv orange unfolded as a double zigzag labeled waves W, X and Y purple.

Wave v orange unfolded as an impulse labeled waves 1 through 5 purple with wave 5 purple being a truncated fifth wave.

Wave (iv) green unfolded as a zigzag labeled waves a, b and c orange.

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

This count would be confirmed by movement above 1.7052.

At 1.7081 wave 5 blue will reach equality with wave 1 blue, at 1.7106 wave iii orange will reach equality with wave i orange and at 1.7167 wave iii orange will reach 1.618 the length of wave i orange.

This count would be invalidated by movement below 1.7007 as within wave iii orange no second wave may retrace more than 100 % the length of the first wave.

Alternate Hourly Wave Count

03-gbpusd27jun14hourlyalt

The difference between both main and alternate counts is within the subdivisions of wave ii orange as this count expects that wave ii orange is incomplete.

Wave ii orange is unfolding as a double zigzag labeled waves W, X and Y purple with waves W and X purple complete and wave Y purple is underway.

This count would be confirmed by movement below 1.7007.

At 1.6991 wave ii orange will reach 0.618 the length of wave i orange.

This count would be invalidated by movement below 1.6952 as wave ii orange within wave (v) green may not retrace more than 100 % the length of wave i orange and as well this count would be invalidated by movement above 1.7052 as wave X purple may not retrace more than 100 % the length of wave W purple and it should be noted that the invalidation point will be moved to the end of wave X purple once we have confirmation on the hourly chart that wave Y purple is unfolding towards the downside.

Scroll to Top