GBPUSD 24th September, 2015

Cable unfolded downwards confirming the alternate count and targets are yet to be reached.

We are updating the main count which expects Cable to unfold downwards to complete a five wave structure while the alternate count expects upwards movement is incomplete and that Cable has more to offer towards the upside.

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

Main Hourly Count

– Invalidation Points: 1.5290
– Confirmation Point: 1.5200
– Downwards Targets: 1.5175 — 1.5145
– Wave number: 5 purple
– Wave structure: Motive
– Wave pattern: Impulse

Alternate Hourly Count

– Invalidation Point: 1.5511 — 1.5200
– Confirmation Point: 1.5290
– Upwards Target: 1.5295 — 1.5340
– Wave number: 4 purple
– Wave structure: Corrective
– Wave pattern: Zigzag

Elliott Wave chart analysis for the GBPUSD for 24th September, 2015. Please click on the charts below to enlarge.

Main Daily Wave Count

This count expects that primary wave B maroon is complete and that primary wave C maroon is unfolding towards the downside.

Within wave C maroon intermediate wave (1) black is complete as an impulse labeled minor waves 1 through 5 blue and intermediate wave (2) black might be complete as well and that intermediate wave (3) black has started unfolding downwards.

Within wave (1) black, 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.

Intermediate wave (2) black unfolded as a zigzag labeled waves A, B and C blue.

Wave B blue unfolded as a zigzag labeled waves a, b and c pink.

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

Within intermediate wave (3) black it is expected that waves i and ii pink are complete and that wave iii pink is unfolding downwards.

Wave ii pink unfolded as a double zigzag labeled waves (w), (x) and (y) green.

Within wave iii pink it is likely that waves (i) and (ii) green are complete and wave (iii) green is at its early stages.

This count would be initially confirmed by movement below 1.5163.

At 1.4992 wave iii pink will reach 1.382 of wave i pink which is the next logical target and at 1.4853 wave iii pink will reach 1.618 of wave i pink.

This count would be invalidated by movement above 1.5820 as within wave iii pink no second wave may retrace more than 100 % of its first wave and it should be noted that the invalidation point will be moved to the end of wave (ii) green once we have confirmation on the daily chart that wave (iii) green is underway.

Main Hourly Wave Count

This count expects that wave C blue and therefore intermediate wave (2) black might be complete and that intermediate wave (3) black has started unfolding towards the downside.

Within intermediate wave (3) black, it is expected that waves i and ii pink are complete and wave iii pink is at its early stages.

This count expects that wave iii pink is at its early stages with waves (i) and (ii) green are complete and wave (iii) green is unfolding towards the downside.

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

Wave b orange unfolded as an expanded flat correction labeled waves A, B and C purple.

Wave A purple unfolded as a zigzag labeled waves (A), (B) and (C) aqua with wave (B) aqua unfolding as a triangle labeled waves A through E red.

Wave C purple within wave b orange unfolded as an expanding ending diagonal labeled waves (1) through (5) aqua.

Within wave c orange it is likely that waves 1 through 4 purple are complete and wave 5 purple is underway.

Wave 5 purple unfolded as an impulse labeled waves (1) through (5) aqua.

Within wave (iii) green it is likely that wave i orange is unfolding as an impulse labeled waves 1 through 5 purple with waves 1 through 4 purple complete and wave 5 purple is underway.

Wave 3 purple unfolded as an impulse labeled waves (1) through (5) aqua and wave 4 purple unfolded as an expanded flat correction.

This count would be confirmed by movement below 1.5200.

At 1.5175 wave 5 purple would reach 0.786 of wave 1 purple and at 1.5145 wave 5 purple would reach equality with wave 1 purple.

This count would be invalidated by movement above 1.5290 as within wave 5 purple no second wave may retrace more than 100 % of its first wave.

Alternate Hourly Wave Count

The only difference between both main and alternate counts is within the subdivisions within wave 3 purple.

This count expects that wave 3 purple is complete and that wave 4 purple has more to offer towards the upside.

Wave 4 purple is unfolding as a zigzag labeled waves (A), (B) and (C) aqua with waves (A) and (B) aqua complete and wave (C) aqua is underway.

This count would be confirmed by movement above 1.5290.

At 1.5295 wave (C) aqua would reach equality with wave (A) aqua and at 1.5340 wave 4 purple would reach 0.382 of wave 3 purple.

This count would be invalidated by movement above 1.5511 as wave 4 purple may not enter the price territory of wave 1 purple and as well this count would be invalidated by movement below 1.5200 as wave (B) aqua may not retrace more than 100 % of wave (A) aqua and it should be noted that the invalidation point will be moved to the end of wave (B) aqua once we have confirmation on the hourly chart that wave (C) aqua is unfolding upwards.

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