GBPUSD 29th June, 2016

Cable unfolded as expected under the alternate count and Cable unfolded upwards and target was reached and exceeded locking in 64 pips in profit.

The main count expects that a fourth wave is mature and that Cable would reverse directions and unfold downwards within a fifth wave to complete a five wave structure.

The alternate count expects that Cable has more to offer upwards in a corrective manner within a second wave correction.

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

Synopsis By movement below 1.3120 Cable would be expected to find support at 1.3094 level. If exceeded, then Cable would be expected to find support at 1.2824. However, if Cable unfolded upwards above 1.3535 Cable would be expected to find resistance at 1.3573.

Main Hourly Count

– Invalidation Point: 1.3535
– Confirmation Point: 1.3120
– Downwards Targets: 1.3094 — 1.2824
– Wave number: (v) green
– Wave structure: Motive
– Wave pattern: ُImpulse/Ending diagonal

Alternate Hourly Count

– Invalidation Point: 1.5020 — 1.3120
– Confirmation Point: 1.3535
– Upwards Targets: 1.3573
– Wave number: ii pink
– Wave structure: Corrective
– Wave pattern: ُZigzag

Elliott Wave chart analysis for the GBPUSD for 29th 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) through (iv) green complete and wave (v) green has started unfolding downwards.

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

Wave (iv) green is likely complete as a double zigzag labeled waves w, x and y orange.

This count would be confirmed by movement below 1.3120.

At 1.3094 wave (v) green would reach 0.618 of wave (i) green and at 1.2824 wave (v) green would reach equality with wave (i) green.

This count would be invalidated by movement above 1.3535 as within wave (v) green no second wave may retrace more than 100 % of its first wave.

Alternate Hourly Wave Count

This count expects that wave i pink is complete and that wave ii pink is underway.

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

This count would be confirmed by movement above 1.3535.

At 1.3573 wave ii pink would reach 0.236 of wave i pink. It should be noted that we will be able to calculate accurate targets for the completion of wave ii pink as wave ii pink continues to subdivide upwards.

This count would be invalidated by movement above 1.5020 as wave ii pink may not retrace more than 100 % of wave i pink and as well this count would be invalidated by movement below 1.3120 as within wave ii pink no B wave may retrace more than 100 % of its A wave.

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