GBPUSD traded on down, confirming the alternate hourly count and both targets were reached and exceeded.
Synopsis: By moving above 1.3200 and more importantly, 1.3219, Cable would be likely to locate resistance around 1.3234 and if exceeded then to 1.3281.
Main Hourly Count
– Invalidation Point: 1.3056
– Confirmation Point: 1.3200 — 1.3219
– Upwards Targets: 1.3234 — 1.3281
– Wave number: v orange
– Wave structure: Motive
– Wave pattern: Impulse / Ending diagonal
Elliott Wave chart analysis for the GBPUSD for 29th January, 2019. 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 likely as an ending diagonal.
Within wave C maroon intermediate waves (1) and (2) black are complete and intermediate wave (3) black is underway.
Wave (2) black unfolded 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.
Wave Y blue unfolded as a zigzag labeled waves a, b and c pink with wave a pink unfolding as an impulse labeled waves (i) through (v) green.
It is worth noting that wave (v) green was a truncated fifth wave.
Wave (3) black is unfolding as a zigzag labeled waves A, X and C blue with waves A blue complete and wave B blue is at its early stages.
Wave A blue within wave (3) black unfolded as a leading diagonal labeled i through v pink.
This count will be confirmed by movement above 1.2928.
At 1.3155 wave B blue would have traveled 0.382 times the length of wave A blue. Then at 1.3388 wave B blue would have reached 50 % of the length of wave A blue.
This count would be invalidated by movement below 1.2400 as within wave B blue no B wave may retrace more than 100 % of its A wave.
Ultimately, wave (3) black should push below the 1.1790 swing low. We want to see more price action before calculating short-term targets.
Main Hourly Wave Count
This count suggests that within wave A blue is complete and that wave B blue has started.
Within wave B blue, waves (i) and (ii) green are complete and that wave (iii) green has started unfolding towards the upside.
Within wave (iii) green, waves i through iv orange are complete and wave v orange has started unfolding towards the upside.
This count will be initially confirmed by movement above 1.3200 and the final confirmation point is at 1.3219.
At 1.3234 wave v orange would have traveled 0.786 times the length of wave i orange and at 1.3281 wave v orange would have traveled the same distance as wave i orange.
This count would be invalidated by movement below 1.3056 as within wave v orange no second wave may retrace more than 100 % of its first wave.