Hi guys, it’s Tamer again today.
As expected the cable moved toward the upside, reached its first target, and came 15 short of reaching its second target.
Synopsis: Cable is likely to resume moving downward to find support between 1.3903 and 1.3845, while it remains below 1.4282 and ideally below 1.3997.
Main Hourly Count
– Invalidation Point: 1.4282
– Confirmation Point: 1.3918
– Downwards Target: 1.3903 — 1.3845
– Wave number: 5 orange
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the GBPUSD for 24th 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, wave a pink is complete.
Wave b pink seems very likely to be forming an expanded/running flat labeled waves (a), (b) and (c) green.
Wave (a) green formed a triple combination labeled waves w, y and z orange.
Wave (b) green formed a zigzag labeled waves a, b and c orange.
This count expects the cable to be moving toward the downside in wave (c) green to complete wave b pink.
At 1.3842 wave b pink would retrace 38.2% of wave a pink, then at 1.3687 it would retrace 50% of its length. In the middle, around 1.3742, wave (c) green would reach 100% the length of wave (a) green.
This count would be invalidated by movement above 1.4377.
Main Hourly Wave Count
The main count suggests that wave (c) green is forming an impulse labeled waves i to v orange.
Wave iii orange formed an extension labeled waves 1 to 5 violet. It reached exactly 423.6% the length of wave i orange.
Wave iv orange retraced nearly 23.6% of wave iii. It’s possible for it to turn into a more complex correction and make another test of the upside. But given the strength of the preceding decline, I think the odds are in favor of the possibility that it’s complete.
This count expects the cable to move toward the downside in wave v orange to complete wave (c) green. This will be largely confirmed by movement below 1.3918.
At 1.3908 wave v orange would reach 100% the length of wave i orange, then at 1.3845 it would reach 161.8% of its length.
Once price reaches our confirmation point, this wave count would be invalidated by movement above 1.3997. But until then, this wave count is invalidated by movement above 1.4282 as wave iv orange of this impulse may not enter the price territory of wave i orange.