Archives for September 2016
On our previous analysis the main count expected Cable to unfold upwards and Cable unfolded as expected reaching and exceeding the first target.
Viewing both main and alternate counts, it will quickly become obvious that both counts expect a C wave unfolding upwards. The only difference between both counts is within the subdivisions of that C wave.
This week`s main count expects Cable to continue unfolding upwards completing a third wave.
On the other hand, the alternate count expects Cable`s uptrend to pause as a second wave correction has started unfolding downwards. Following the completion of that second wave, Cable would be expected to resume its uptrend.
As always, we will wait for either count`s confirmation point to be reached to determine the highly probable count.
– Invalidation Point: 1.3288 — 1.5020
– Confirmation Point: 1.3446
– Upwards Targets: 1.3474 — 1.3485
– Wave number: iii orange
– Wave structure: Motive
– Wave pattern: ُImpulse
– Invalidation Point: 1.3446 — 1.2865
– Confirmation Point: 1.3319
– Downwards Targets: 1.3309 — 1.3283 — 1.3234
– Wave number: ii orange
– Wave structure: Corrective
– Wave pattern: ُZigzag
Elliott Wave chart analysis for the GBPUSD for 7th September, 2016. Please click on the charts below to enlarge.
Main Wave Count
This count expects that wave C maroon of primary degree has started unfolding downwards with waves (1) and (2) black complete and wave (3) black is unfolding downwards.
Within wave (3) black, waves 1 and 2 blue are complete and wave 3 blue is unfolding downwards as an impulse.
Wave 2 blue unfolded as a double zigzag labeled waves w, x and y pink.
within wave 3 blue, wave i pink is expected complete and wave ii pink is unfolding upwards as a zigzag correction labeled waves (a), (b) and (c) green with waves (a) and (b) green complete and wave (c) green is unfolding upwards.
Wave (a) green unfolded as an impulse labeled waves i through v orange.
Wave (b) green unfolded as a double zigzag labeled waves w, x and y orange with each wave within that double zigzag unfolding as a zigzag labeled waves A, B and C purple.
Wave (c) green is unfolding upwards with waves i and ii orange complete and wave iii orange has started unfolding towards the upside.
This count would be confirmed by movement above 1.3446.
At 1.3474 wave iii orange would reach equality with wave i orange and at 1.3486 wave 5 purple would reach equality with wave 1 purple.
This count would be invalidated by movement above 1.5020 as wave ii pink may not retrace more than 100 % of wave i pink. As well, this count would be invalidated by movement below 1.3288 as within wave 5 purple no second wave may retrace more than 100 % of its first wave.
Alternate Wave Count
This count expects that wave (c) green is unfolding upwards as an ending diagonal with wave i orange complete and wave ii orange is underway.
Wave i orange unfolded as a zigzag labeled waves A, B and C purple.
Within wave ii orange it is expected that waves A and B purple are complete and that wave C purple is unfolding downwards.
This count would be confirmed by movement below 1.3319.
At 1.3309 wave ii orange would reach 0.236 of wave i orange which is a conservative target and at 1.3283 wave C purple would reach 0.618 of wave 1 purple and finally at 1.3234 wave C purple would reach equality with wave A purple.
This count would be invalidated by movement above 1.3446 as wave B purple may not retrace more than 100 % of wave A purple and as well this count would be invalidated by movement below 1.2865 as wave ii orange may not retrace more than 100 % of wave i orange.