GBPUSD 30th June, 2014

On Monday`s session the pound unfolded towards the upside as expected, both first and second targets were reached and exceeded by 9 pips.

We are updating the main count according to the latest price action and it is worth mentioning that waves degree within wave iii pink will be adjusted accordingly as wave iii pink continue unfolding towards the upside.

As always we will wait for the main count`s confirmation point to be reached to gain further confidence in that count.

Main Hourly Count

– Invalidation Point: 1.7045 — 1.7116
– Confirmation Point: 1.7102
– Downwards Targets: 1.7091 — 1.7075
– Wave number: 4 purple
– Wave structure: Corrective
– Wave pattern: Zigzag

Elliott Wave chart analysis for the GBPUSD for 30th June, 2014. Please click on the charts below to enlarge.

Main Daily Wave Count

01-gbpusd30jun14daily

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.

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 1.6952 as within wave (v) green no second wave may retrace more than 100 % the length of the first wave.

Main Hourly Wave Count

02-gbpusd30jun14hourly

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 at its late stages.

Within wave 3 purple waves 1 through 3 purple are expected complete and wave 4 purple is underway.

This count would be confirmed by movement below 1.7102.

At 1.7091 wave 4 purple will reach 0.236 the length of wave 3 purple and at 1.7075 wave 4 purple will reach 0.382 the length of wave 3 purple.

This count would be invalidated by movement below 1.7045 as wave 4 purple may not enter the price territory of wave 1 purple and as well this count would be invalidated by movement above 1.7116 as within wave 4 purple no B wave may retrace more than 100 % the length of an A wave.

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