GBPUSD 28th March, 2016

On Monday`s session, Cable unfolded as expected and first target was reached and exceeded and Cable fell short of the second target by less than 2 pips. Therefore, we will only calculate profit for the first target which locked in 50 pips in profit.

We are updating both counts according to the latest price action and the main count expects that Cable has completed an upwards corrective structure and that Cable is expected to reverse directions and move towards the downside.

The alternate count expects that Cable has more to offer towards the upside to complete a B wave correction.

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

Main Hourly Count

– Invalidation Point: 1.4284 — 1.3835
– Confirmation Point: 1.4120 — 1.4057
– Downwards Targets: 1.4004 — 1.3927
– Wave number: (c) green
– Wave structure: Motive
– Wave pattern: ُImpulse/Ending diagonal

Alternate Hourly Count

– Invalidation Point: 1.4515 — 1.4120
– Confirmation Point: 1.4284
– Upwards Targets: 1.4295 — 1.4325 — 1.4339
– Wave number: (b) green
– Wave structure: Corrective
– Wave pattern: ُZigzag

Elliott Wave chart analysis for the GBPUSD for 28th March, 2016. 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 waves (1) and (2) black are complete and intermediate wave (3) black is unfolding downwards.

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

Within intermediate wave (3) black it is expected that minor wave 1 blue is highly likely complete and that wave 2 blue is unfolding upwards.

Wave 1 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 (i) green unfolded as a double zigzag labeled waves w, x and y orange.

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

Wave iii pink unfolded as a zigzag labeled waves a, b and c orange.

Wave iv pink unfolded as a zigzag labeled waves a, b and c orange.

Wave v pink unfolded as a zigzag labeled waves a, b and c orange.

Minor wave 2 blue is unfolding upwards likely as a double zigzag correction labeled waves w, x and y pink with wave w pink likely complete and wave x pink is expected to be unfolding downwards.

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

Within wave x pink it is likely that waves (a) and (b) green are complete and that wave (c) green has started unfolding downwards.

This count would be confirmed by movement above 1.4057.

At 1.4004 wave (c) green would reach 0.618 of wave (a) green and at 1.3927 wave (c) green would reach 0.786 of wave (a) green.

This count would be invalidated by movement below 1.3835 as within a double zigzag, wave x pink may not retrace more than 100 % of wave w pink. As well this count would be invalidated by movement above 1.4515 as wave (b) green may not retrace more than 100 % of wave (a) green.

Main Hourly Wave Count


N.B.: This count is presented on 2 hours chart for clarification purposes.

Before delving into the main hourly count, we should notice that we labeled the latest downwards movement as a (a), (b) and (c) green within wave x pink. It is technically possible that the downwards leg labeled wave (a) green, can be labeled as wave i orange within wave (a) green. However, we will remain cautious and we will update that downwards movement as it unfolds.

This count expects that within minor wave 2 blue, wave w pink is complete and that wave x pink has started unfolding downwards.

Wave 1 blue unfolded as an impulse labeled waves i through v pink.

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

Within wave 2 blue, wave w pink is complete as a zigzag labeled waves (a), (b) and (c) green.

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

Wave (b) green unfolded as an expanded flat correction labeled waves a, b and c orange.

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

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

Wave c orange unfolded as an impulse labeled waves 1 through 5 purple with wave 3 purple extending into waves (1) through (5) aqua.

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

This count expects that within wave x pink waves (a) and (b) green are complete and that wave (c) green is underway.

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

Wave (b) green unfolded upwards as a double zigzag labeled waves w, x and y orange.

This count would be initially confirmed by movement below 1.4120 and the final confirmation point is at 1.4057.

At 1.4004 wave (c) green would reach 0.618 of wave (a) green and at 1.3927 wave (c) green would reach 0.786 of wave (a) green.

This count would be invalidated by movement above 1.4284 as within wave (c) green no second wave may retrace more than 100 % of its first wave. As well, this count would be invalidated by movement below 1.3835 as within a double zigzag wave x pink may not retrace more than 100 % of its w wave.

Alternate Hourly Wave Count


N.B.: This count is presented on 2-hours chart for clarification purposes.

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

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

Wave (b) green is expected to be unfolding as a zigzag labeled waves a, b and c orange with waves a and b orange complete and wave c orange is at its late stages.

This count would be confirmed by movement above 1.4284.

At 1.4295 wave c orange would reach 1.382 of wave a orange and at 1.4325 wave c orange would reach 1.618 of wave a orange and finally at 1.4339 wave (b) green would reach 0.618 of wave (a) green.

This count would be invalidated by movement below 1.4120 as within wave c orange no second wave may retrace more than 100 % of its first wave. As well this count would be invalidated by movement above 1.4515 as wave (b) green may not retrace more than 100 % of wave (a) green.

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