Cable’s pullback has not proven impulsive, adding little to the overall picture.
We can now add more details to the subdivisions within wave c pink as we will soon discuss.
We still need additional structural development to add an alternate count that has a reasonable technical probability.
Synopsis: By moving above 1.4377 Cable would then be expected to locate resistance around 1.4500 and if exceeded then to 1.4658.
Main Hourly Count
– Invalidation Point: 1.3965
– Confirmation Point: 1.4314
– Upwards Target: 1.4500 — 1.4658
– Wave number: iii pink
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the GBPUSD for 17th April, 2018. Please click on the charts below to enlarge.
Main Weekly Wave Count
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 wave (1) black is complete and intermediate wave (2) black is likely in its late stages.
Wave (2) black is unfolding as a double zigzag labeled waves W, X and Y blue.
Wave W blue unfolded as a zigzag labeled waves a, b and c pink with wave c pink unfolding as an impulse labeled waves (i) through (v) green.
Within wave Y blue, waves a and b pink are complete and wave c pink is underway.
It would be confirmed that wave c pink is underway by movement above 1.4377.
At 1.4379 wave Y blue would reach 0.618 times the length of wave W blue and at 1.4586 wave (2) black would reach 50 % times the length of wave (1) black. Finally at 1.4658 wave c pink of wave Y blue would reach equality with wave a pink.
This count would be invalidated by movement below 1.3711 as within wave c pink no second wave may retrace more than 100 % of its first wave.
Main Hourly Wave Count
The main count suggests that wave (2) black is underway as a double zigzag with waves W and X blue complete and wave Y blue is underway.
Wave Y blue is unfolding as a zigzag labeled waves a, b and c pink with waves a and b pink complete and wave c pink is unfolding higher.
Wave b pink unfolded as a triple zigzag labeled waves (w)-(x)-(y)-(x)-(z) green with each wave within that triple zigzag unfolding as a zigzag labeled waves a, b and c orange.
It is likely that wave c pink is unfolding as an ending diagonal with waves (i) through (iii) green complete and wave (iv) green is either complete or in its latter stages.
If wave (iv) green has lower lows in store, it should locate support around 1.4124, where it would have traveled 0.618 times the length of wave (iii) green.
It would be confirmed that wave (v) green has commenced by movement above 1.4314 and the final confirmation is at 1.4377.
At 1.4455 wave c pink would have traveled 0.786 times the length of wave a pink and at 1.4586 wave (2) black would reach 50 % times the length of wave (1) black. Finally at 1.4658 wave c pink of wave Y blue would reach equality with wave a pink.
This count would be invalidated by movement below 1.3965 as within an ending diagonal wave (iv) green may not exceed the end of wave (ii) green.