GBPUSD 24th June, 2016

Cable is yet to reach either counts confirmation point and therefore we are updating the main count with tight targets and as well adding an alternate hourly count.

The main count expects Cable to make new lows to complete a five wave structure while the alternate count expects Cable to unfold upwards within a correction structure.

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

Synopsis By movement below 1.3228 Cable would be expected to find support at 1.3199 level. If exceeded then Cable would be expected to find support at 1.3156. However, if Cable unfolded upwards above 1.3982 Cable would be expected to find resistance at 1.4107 and if exceeded then Cable would be expected to find resistance at 1.4125.

Main Hourly Count

– Invalidation Point: 1.4014
– Confirmation Point: 1.3228
– Downwards Targets: 1.3199 — 1.3156
– Wave number: (iii) green
– Wave structure: Motive
– Wave pattern: ُImpulse

Alternate Hourly Count

– Invalidation Point: 1.3228 — 1.5020
– Confirmation Point: 1.3982
– Upwards Targets: 1.4107 — 1.4125
– Wave number: ii pink
– Wave structure: Corrective
– Wave pattern: ُZigzag

Elliott Wave chart analysis for the GBPUSD for 24th June, 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 waves 1 and 2 blue are complete and that wave 3 blue has started unfolding downwards.

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 unfolded upwards likely as a double zigzag correction labeled waves w, x and y pink.

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

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

At 1.2925 wave 3 blue would reach equality with wave 1 blue.

This count would be invalidated by movement above 1.5020 as within wave 3 blue no second wave may retrace more than 100 % of its first wave.

Main Hourly Wave Count

This count expects that minor wave 2 blue is complete as a double zigzag labeled waves w, x and y pink and that wave 3 blue is underway.

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

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

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

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

Within wave 3 blue it is likely that wave i pink is unfolding downwards with waves (i) and (ii) green complete and wave (iii) green is unfolding downwards.

Within wave (iii) green, it is likely that waves i through wave iv orange are complete and that wave v orange has started unfolding downwards.

This count would be confirmed by movement below 1.3228.

At 1.3199 wave (iii) green would reach 200 % of wave (i) green and at 1.3156 wave v orange would reach 0.618 of wave iii orange.

This count would be invalidated by movement above 1.4014 as wave iv orange may not enter the price territory of wave i orange and it should be noted that the invalidation point would be moved to the end of wave iv orange once we have confirmation on the hourly chart that wave v orange is underway.

Alternate Hourly Wave Count

This count does not provide the best fit therefore it is considered an alternate count.

This count expects that within wave 3 blue, wave i pink is complete and that wave ii pink is unfolding as a zigzag correction.

Wave ii pink is unfolding a zigzag labeled waves (a), (b) and (c) green with waves (a) and (b) green complete and wave (c) green has started unfolding upwards.

This count would be confirmed by movement above 1.3982.

At 1.4107 wave (c) green would reach equality with wave (a) green and at 1.4125 wave ii pink would reach 50 % of wave i pink.

This count would be invalidated by movement below 1.3228 as wave (b) green may not retrace more than 100 % of its wave (a) green and as well this count would be invalidated by movement above 1.5020 as wave ii pink may not retrace more than 100 % of wave i pink.

Scroll to Top