GBPUSD 26th July, 2017

Cable registered higher highs and the first target was reached and exceeded by 7 pips. We are updating the hourly count according to the latest price action.

Synopsis By movement above 1.3158, Cable would be expected to find resistance at 1.3167 and if exceeded then to 1.3179.

Hourly Count

– Invalidation Point: 1.4566 — 1.3042
– Confirmation Point: 1.3157
– Upwards Targets: 1.3167 — 1.3179
– Wave number: (iii) green
– Wave structure: Corrective
– Wave pattern: Zigzag

Elliott Wave chart analysis for the GBPUSD for 26th July, 2017. Please click on the charts below to enlarge.

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 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 waves a and b orange are complete and that wave c orange is unfolding as an impulse labeled waves 1 through 5 purple with waves 1 through 4 complete and wave 5 purple is underway.

This count will be confirmed by movement above 1.3157.

At 1.3167 wave 5 purple would reach equality with wave 1 purple and at 1.3179 wave (iii) green would reach 0.786 of wave (i) green.

This count would be invalidated by movement below 1.3042 as wave 4 purple may not enter the price territory of wave 1 purple.

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