GBPUSD 24th July, 2017

Cable ended Monday’s session on a firm note and it should continue to trace out the ending pattern we are tracking. The main hourly count allows for a corrective pullback before resuming the uptrend.

Synopsis By movement above 1.3059 and eventually 1.3127, Cable would be expected to find resistance at 1.3179.

Main Hourly Count

– Invalidation Point: 1.4566 — 1.2812
– Confirmation Point: 1.3059 — 1.3127
– Upwards Targets: 1.3179
– Wave number: (iii) green
– Wave structure: Corrective
– Wave pattern: Zigzag

Elliott Wave chart analysis for the GBPUSD for 24th July, 2017. Please click on the charts below to enlarge.

Main Daily Wave Count

For the long term, 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) through (3) black are complete and intermediate wave (4) black is in its late stages.

Intermediate wave (3) black unfolded as an impulse labeled waves 1 through 5 blue.

Wave 1 blue unfolded as an impulse labeled waves i through v pink.

Wave 2 blue unfolded as a double zigzag correction labeled waves w, x and y pink.

Wave 4 blue unfolded as a triangle labeled waves a through e pink.

Wave (4) black is unfolding as a triple zigzag labeled waves W, X, Y, X and Z blue.

Wave W blue unfolded as a zigzag labeled waves a, b and c pink.

First wave X blue unfolded as a triangle labeled waves a through e pink.

Wave Y blue unfolded as a zigzag labeled waves a, b and c pink.

Within wave Z blue, waves a and b pink are complete and wave c pink is unfolding upwards.

This count would be confirmed by movement above 1.3127.

At 1.3159 wave c pink would reach 0.786 of wave a pink and at 1.3252 wave c pink would reach equality with wave a pink. Finally, at 1.3270 wave Z blue would reach equality with wave Y blue.

This count would be invalidated by movement above 1.4566 as wave (4) black may not enter the price territory of wave (1) black. As well, this count would be invalidated by movement below 1.2589 as within wave Z blue no B wave may retrace more than 100 % of its A wave.

Hourly Wave Count

The nature of the advance off the 1.2933 low — i.e., the low of wave (ii) green — suggests that wave a orange might be complete. If that is the case, expect a corrective pullback toward the support zone around 1.3011-1.2982. Following the completion of that pullback, Cable should continue higher to complete wave (iii) green.

The main count expects that Wave Z blue is unfolding upwards with waves a and b pink complete and wave c pink is underway.

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

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

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

Wave c pink is likely unfolding as an ending diagonal with wave (i) green complete and wave (ii) green is underway.

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

Wave a orange unfolded as an impulse labeled waves 1 through 5 purple.

Wave c orange unfolded as an impulse labeled waves 1 through 5 purple.

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

Within wave (iii) green it is likely that wave a orange is complete and that wave b orange is underway. Following its completion, Cable will be expected to resume its uptrend.

This count will be initially confirmed by movement above 1.3059 and the final confirmation is by movement above 1.3127.

At 1.3179 wave (iii) green would reach 0.786 of wave (i) green and we will be able to suggest a second target once wave b orange of wave (iii) green is mature based on equality between waves a and c orange.

This count would be invalidated by movement below 1.2812 as wave (ii) green may not retrace more than 100 % of wave (i) green. As well, this count would be invalidated by movement above 1.4566 as wave (4) black may not enter the price territory of wave (1) black.

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