GBPUSD: Elliott Wave Road Map!

On our previous analysis the alternate count expected Cable to unfold upwards and Cable unfolded as expected and first target was reached and exceeded.

We are updating the main count according to the latest price action and as well adding an alternate count which expects that Cable`s uptrend is mature and that Cable is about to reverse directions and unfold downwards.

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

Main Count

– Invalidation Point: 1.2915 — 1.2272
– Confirmation Point: 1.2558
– Upwards Targets: 1.2568 — 1.2596
– Wave number: 5 purple
– Wave structure: Motive
– Wave pattern: ُImpulse/Ending diagonal

Alternate Count

– Invalidation Point: 1.2558
– Confirmation Point: 1.2082 — 1.1970
– Downwards Targets: 1.1889
– Wave number: (v) green
– Wave structure: Motive
– Wave pattern: ُImpulse/Ending diagonal

Elliott Wave chart analysis for the GBPUSD for 7th November, 2016. Please click on the charts below to enlarge.

Main Wave Count


N.B.: This count is presented on the 6 hours bar chart for clarification purposes.

This count expects that wave iii pink is unfolding downwards within primary wave C maroon.

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

Within wave iii pink, waves (i) through (iii) green are expected complete and wave (iv) green is at its late stages.

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

Wave (ii) green unfolded as a zigzag labeled waves a, b and c orange.

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

Within wave (iv) green, waves a and b orange are complete and wave c orange is underway.

Wave b orange unfolded as a zigzag labeled waves A, B and C purple with wave B purple unfolding as a triangle labeled waves (A) through (E) aqua.

Within wave c orange it is likely that waves 1 through 4 purple are complete and that wave 5 purple has started unfolding upwards.

This count would be confirmed by movement above 1.2558.

At 1.2568 wave 5 purple would reach equality with wave 1 purple and at 1.2596 wave c orange would reach equality with wave a orange.

This count would be invalidated by movement above 1.2915 as wave (iv) green may not enter the price territory of wave (i) green and as well this count would be invalidated by movement below 1.2272 as wave 4 purple may not enter the price territory of wave 1 purple. It is worth noting that the invalidation point would be moved to the end of wave 4 purple once we have confirmation on the hourly chart that wave 5 purple is underway.

Alternate Wave Count


N.B.: This count is presented on the 6 hours bar chart for clarification purposes.

This count expects that wave (iv) green is complete as a double zigzag labeled waves w, x and y orange.

Wave x orange unfolded 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 y orange unfolded as a zigzag towards the upside labeled waves A, B and C purple.

This count would be initially confirmed by movement below 1.2082 and the final confirmation point is at 1.1970.

At 1.1889 wave (v) green would reach 0.618 of wave (iii) green.

This count would be invalidated by movement above 1.2558 as within wave (v) green no second wave may retrace more than 100 % of its first wave.

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