GBPUSD 27th July, 2017

Cable is — so far — tracing out the ending diagonal pattern nicely, The first daily target was reached to the pip before reversing directions and unfolding lower.

The main hourly count expects a final thrust up while the alternate count expects sideways consolidation to have the upper hand before reversing directions and pushing higher.

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

Synopsis By movement above 1.3160, Cable would be expected to find resistance at 1.3179 and if exceeded then to 1.3191. Conversely, if Cable unfolded below 1.3050, it would then be expected to find support at 1.3047 and if exceeded then to 1.3021.

Main Hourly Count

– Invalidation Point: 1.4566 — 1.3050
– Confirmation Point: 1.3160
– Upwards Targets: 1.3164 — 1.3191
– Wave number: (v) green
– Wave structure: Motive
– Wave pattern: Zigzag

Alternate Hourly Count

– Invalidation Point: 1.3160 — 1.2933
– Confirmation Point: 1.3050
– Downwards Targets: 1.3047 — 1.3021
– Wave number: (iv) green
– Wave structure: Corrective
– Wave pattern: Zigzag

Elliott Wave chart analysis for the GBPUSD for 27th 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 1.3160.

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 waves (i) through (iv) green complete and wave (v) green is in its early stages.

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.

Wave (iii) green unfolded as a zigzag labeled waves a, b and c orange with wave c orange unfolding as an impulse labeled waves 1 through 5 purple.

This count will be confirmed by movement above 1.3160.

At 1.3164 wave (v) green would reach 0.5 of wave (iii) green and at 1.3191 wave (v) green would reach 0.618 of wave (i) green.

This count would be invalidated by movement below 1.3050 as within wave (v) green no B wave may retrace more than 100 % of its A wave.

Alternate Hourly Wave Count

The only difference between both main and alternate counts is within the subdivisions of wave (iv) green.

The alternate count expects that lower lows remain in store for wave (iv) green before reversing gears and unfolding upwards to complete wave (v) green.

This count will be confirmed by movement below 1.3050.

A close by target is at 1.3047 where wave (iv) green would reach 0.5 of wave (iii) green and at 1.3021 where the wave (iv) green would reach 0.618 the length of wave (iii) green.

The count would be invalidated by movement below 1.2933 as wave (iv) green may not exceed the end of wave (ii) green. As well, this count would be invalidated by movement above 1.3160 as within wave (iv) green no B wave may retrace more than 100 % of its A wave.

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