GBPUSD 25th July, 2017

Cable ended the day in the minus column and we continue to look for higher highs to complete the pattern that we are tracking. However, if we are on the right track, the rise should prove limited to the targets mentioned for today’s main hourly count.

On the other hand, the alternate count expects Cable to drift lower before resuming the uptrend.

We will wait for either counts’ confirmation point to be reached to determine the highly probable count.

Synopsis By movement above 1.3084 and eventually 1.3127, Cable would be expected to find resistance at 1.3150 and if exceeded then to 1.3179. If Cable unfolded below 1.2999, Cable would then be expected to find support at 1.2992.

Main Hourly Count

– Invalidation Point: 1.4566 — 1.2933
– Confirmation Point: 1.3084 — 1.3127
– Upwards Targets: 1.3150 — 1.3179
– Wave number: (iii) green
– Wave structure: Corrective
– Wave pattern: Zigzag

Alternate Hourly Count

– Invalidation Point: 1.3084 — 1.2933
– Confirmation Point: 1.2999
– Downwards Target: 1.2992
– Wave number: b orange
– Wave structure: Corrective
– Wave pattern: Double Zigzag

Elliott Wave chart analysis for the GBPUSD for 25th 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.

Main Hourly Wave Count

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 waves a and b orange are complete and that wave c orange is in its early stages.

This count will be initially confirmed by movement above 1.3084 and the final confirmation is by movement above 1.3127.

At 1.3150 wave c orange would reach equality with wave a orange and at 1.3179 wave (iii) green would reach 0.786 of wave (i) green.

This count would be invalidated by movement below 1.2933 as wave b orange may not retrace more than 100 % of wave a orange, the invalidation point will be moved to the end of wave b orange once we have confirmation on the hourly chart that wave c orange is underway.

Alternate Hourly Wave Count

The only difference between both counts is within the subdivisions of wave b orange.

The alternate count expects that wave b orange has more to offer lower before reversing directions and unfolding higher within wave c orange.

This count will be confirmed by movement below 1.2999.

At 1.2992 wave b orange would reach 0.618 of wave a orange.

This count would be invalidated by movement below 1.2933 as wave b orange may not retrace more than 100 % of wave a orange. As well, this count would be invalidated by movement above 1.3084 as within wave a zigzag no B wave may retrace more than 100 % of its A wave.

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