GBPUSD 29th March, 2016

Cable unfolded upwards confirming the alternate count and targets were reached and exceeded locking in 55 pips.

We are updating the main count according to the latest price action and the main count suggests that Cable has more to offer towards the upside to complete wave (b) green.

The hourly alternate count expects that Cable`s upwards correction is complete and that Cable is about to reverse directions and unfold downwards.

Today we are adding a “daily” alternate count which expects that wave c pink has started unfolding upwards and this count would be in effect with price unfolding above 1.4515.

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

Main Hourly Count

– Invalidation Point: 1.4515 — 1.4120
– Confirmation Point: 1.4405
– Upwards Targets: 1.4417
– Wave number: (b) green
– Wave structure: Corrective
– Wave pattern: ُZigzag

Alternate Hourly Count

– Invalidation Point: 1.4405 — 1.3835
– Confirmation Point: 1.4120 — 1.4057
– Downwards Targets: 1.3951
– Wave number: (c) green
– Wave structure: Motive
– Wave pattern: ُImpulse/Ending diagonal

Elliott Wave chart analysis for the GBPUSD for 29th 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 wave (a)green is complete and that wave (b) green is at its late stages.

This count would be confirmed by movement above 1.4405.

At 1.4417 wave (b) green would reach 0.786 of wave (a) green.

This count would be invalidated by movement below 1.4057 as within wave (b) green no B wave may retrace more than 100 % of its A 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.

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 wave (a) green is complete and that wave (b) green is at its late stages.

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

Within wave (b) green waves a and b orange are complete and wave c orange is at its late stages.

Within wave c orange it is likely that waves 1 through 3 purple is complete and that wave 4 purple is underway and following the completion of wave 4 purple, wave 5 purple is expected to unfold upwards.

This count would be confirmed by movement above 1.4405.

At 1.4417 wave (b) green would reach 0.786 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.

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 complete and that Cable is about to reverse directions and unfold downwards.

Wave (b) green unfolded 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 1.3951 wave (c) green would reach equality with wave (a) green.

This count would be invalidated by movement above 1.4405 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 Daily Wave Count

This count expects that wave 1 blue is complete and that wave 2 blue is unfolding upwards as a zigzag labeled waves a, b and c pink with waves a and b pink complete and that wave c pink has started unfolding upwards.

Wave b pink unfolded as a running flat correction labeled waves (a), (b) and (c) green.

It is worth noting that this count does not provide the best fit.

This count would be confirmed by movement above 1.4515.

At 1.4533 wave c pink would reach 0.786 of wave a pink and at 1.4661 wave c pink would reach equality with wave a pink.

This count would be invalidated by movement above 1.5932 as wave 2 blue may not retrace more than 100 % of wave 1 blue and as well this count would be invalidated by movement below 1.3835 as wave b pink may not retrace more than 100 % of wave a pink. It should be noted that the invalidation point will be moved to the end of wave b pink once we have confirmation on the daily chart that wave c pink is underway.

Scroll to Top