GBPUSD: Elliott Wave Weekly Road Map!

On our previous analysis the main count expected Cable to unfold downwards and Cable continued to consolidate in a sideways manner.

This week, both counts -presented on the daily chart- have almost equal probabilities and the main count expects Cable to unfold downwards within a fifth wave.

On the other hand, the alternate count expects Cable to unfold upwards to complete a fourth wave.

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

Main Count

– Invalidation Point: 1.2333
– Confirmation Point: 1.1970
– Downwards Targets: 1.1831 — 1.1721
– Wave number: (v) green
– Wave structure: Motive
– Wave pattern: ُImpulse/Ending diagonal

Alternate Count

– Invalidation Point: 1.2915 — 1.2082
– Confirmation Point: 1.2484
– Upwards Targets: 1.2515 — 1.2506
– Wave number: c orange
– Wave structure: Motive
– Wave pattern: ُImpulse/Ending diagonal

Elliott Wave chart analysis for the GBPUSD for 26th October, 2016. Please click on the charts below to enlarge.

Main Wave Count


N.B.: This count is presented on the daily bar chart for clarification purposes.

This countexpects 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.

Within minor wave 3 blue, this count expects that waves i and ii pink are complete and that wave iii pink has started unfolding downwards.

Wave ii pink unfolded as a double zigzag labeled waves (w), (x) and (y) green.

Within wave iii pink, waves (i) through (iv) green are likely complete and wave (v) green is underway.

This count would be confirmed by movement below 1.1970.

Based on a thrust out of a triangle we have a first target at 1.1831 and at 1.1721 wave (v) green would reach equality with wave (i) green and at 1.1693 wave iii pink would reach 0.786 of wave i pink.

This count would be invalidated by movement above 1.2333 as wave e orange may not retrace more than 100 % of wave c orange. It is worth noting that the invalidation point should be moved to the end of wave (iv) green once we have confirmation on the daily chart that wave (v) green is unfolding downwards.

Alternate Wave Count


N.B.: This count is presented on the daily bar chart for clarification purposes.

The alternate count expects that within intermediate wave (3) black, waves 1 through 4 blue are complete and that wave 5 blue is underway.

Within wave 5 blue, waves i through iii pink are complete and wave iv pink is unfolding as a zigzag correction with waves (a) and (b) green complete and wave (c) green has started unfolding upwards.

This count would be confirmed by movement above 1.2484.

At 1.2515 wave iv pink would reach 50 % of wave iii pink and at 1.2596 wave (c) green would reach equality with wave (a) green.

This count would be invalidated by movement above 1.2915 as wave iv pink may not enter the price territory of wave i pink and as well this count would be invalidated by movement below 1.1970 as within wave iv pink wave (b) green may not retrace more than 100 % of wave (a) green.

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