GBPUSD 28th April, 2015

Cable unfolded as expected under the alternate count and Cable moved towards the downside in a corrective manner, first target was reached and exceeded by 5 pips before reversing directions and continuing its uptrend.

We are updating the main count according to the latest price action and as well adding an alternate count which expects that Cable has more to offer towards the upside before entering consolidation phase with downwards tendency as we will soon discuss.

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

Main Hourly Count

– Invalidation Points: 1.5053 — 1.5348
– Confirmation Point: 1.5271
– Downwards Targets: 1.5235 — 1.5163
– Wave number: iv pink
– Wave structure: Corrective
– Wave pattern: Zigzag

Alternate Hourly Count

– Invalidation Points: 1.5175
– Confirmation Point: 1.5348
– Upwards Targets: 1.5362
– Wave number: (v) green
– Wave structure: Motive
– Wave pattern: Impulse / Ending Diagonal

Elliott Wave chart analysis for the GBPUSD for 28th April, 2015. Please click on the charts below to enlarge.

Main Daily Wave Count

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

Within wave C maroon intermediate wave (1) black is likely complete as an impulse labeled minor waves 1 through 5 blue and intermediate wave (2) black has started unfolding towards the upside.

Wave 1 blue unfolded as a leading diagonal labeled minute waves i through v pink.

wave 2 blue unfolded as a zigzag structure labeled minute waves a, b and c pink.

Wave 3 blue unfolded as an impulse labeled minute waves i through v pink.

Wave 4 blue unfolded as a triangle labeled minute waves a through e pink.

As far as MACD study goes, We can see the start of a bearish divergence on the daily MACD as MACD is starting to register higher highs while price action did not follow suite.

This count would be initially confirmed by movement above 1.5348 and the final confirmation point is at 1.5553 .

At 1.5569 wave (2) black will reach 0.382 the length of wave (1) black and at 1.6189 wave (2) black will reach 0.618 the length of wave (1) black.

This count would be invalidated by movement above 1.7193 as wave (2) black may not retrace more than 100 % the length of wave (1) black. As well, this count would be invalidated by movement below 1.4566 as within wave A blue within wave (2) black no second wave may retrace more than 100 % the length of the first wave.

Main Hourly Wave Count

This count expects that minor wave (1) black is complete and that wave (2) black has started unfolding towards the upside.

Wave 5 blue unfolded as an impulse labeled waves i through v pink.

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

Within wave (2) black, it is expected that wave A blue is unfolding towards the upside as an impulse labeled waves i through v pink with waves i through iii pink likely complete and wave iv pink is underway.

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

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

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 (iv) green unfolded as a double combination labeled waves w, x and y orange.

After the completion of wave i pink, wave ii pink unfolded as zigzag towards the downside labeled waves (a), (b) and (c) green.

Wave iii pink is probably complete as an impulse labeled waves (i) through (v) green.

Wave (iii) green was an extended third wave labeled waves i through v orange.

Within it, 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 zigzag labeled waves A, B and C purple.

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

This count expects that wave iv pink has started unfolding towards the downside and this count would be initially confirmed by movement below 1.5271.

At 1.5235 wave iv pink will reach 0.236 of wave iii pink and at 1.5163 wave iv pink will reach 0.382 of wave iii pink.

This count would be invalidated by movement below 1.5053 as wave iv pink may not enter price territory of wave i pink and as well this count would be invalidated by movement above 1.5348 as within wave iv pink no B wave may retrace more than 100 % the length of an A wave.

Alternate Hourly Wave Count

The difference between both main and alternate counts is within the subdivisions of wave (v) green.

This count expects that wave (v) green is incomplete and that it has more to offer towards the upside.

This count would be confirmed by movement above 1.5348.

Since wave (v) green already exceeded equality with wave (i) green and as well wave iii pink exceeded equality with wave i pink, the next logical target is at 1.5383 as at that level wave (v) green will reach 1.618 of wave (i) green.

This count would be invalidated by movement below 1.5175 as within wave (v) green no second wave may retrace more than 100 % of its first wave.

Scroll to Top