GBPUSD 26th February, 2019

The advance above the main count’s invalidation point, confirms the alternate outlook.

Today’s main count suggests that Cable’s rally has entered its late stages and that a top should be just around the corner.

Synopsis: By moving above 1.3337 Cable would be expected to locate resistance around 1.3388 .

Main Hourly Count

– Invalidation Point: 1.3233
– Confirmation Point: 1.3337
– Upwards Targets: 1.3388 — 1.3416
– Wave number: B blue
– Wave structure: Motive
– Wave pattern: Impulse

Elliott Wave chart analysis for the GBPUSD for 26th February, 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, B and C blue.

Wave A blue within wave (3) black unfolded as a leading diagonal labeled i through v pink.

Wave B blue is a double zigzag labeled waves w, x and y pink. Wave y pink is in its late stages and should soon give way to the downside (i.e., wave C blue).

This count will be confirmed by movement above 1.3337.

At 1.3388 wave B blue would have traveled 50 % times the length of wave A blue.

This count would be invalidated by movement above 1.4345 as wave B blue may not retrace more than 100 % of wave A blue. As well, this count would be invalidated by movement below 1.2773 as within wave y pink no B wave may retrace more than 100 % of its A wave.

Main Hourly Wave Count

This count suggests that wave B blue has yet to run its course as a double zigzag labeled waves w, x and y pink with waves w and x pink complete and wave y pink is in its late stages.

Wave w pink unfolded as a zigzag labeled waves (a), (b) and (c) green.

Wave x pink unfolded as a zigzag labeled waves (a), (b) and (c) green.

Wave (a) green unfolded as an impulse labeled waves i through v orange.

Wave (b) green unfolded as a triangle labeled waves a through e orange.

Within wave y pink, waves (a) and (b) green are complete and wave (c) green is underway.

Wave (a) green unfolded as an impulse labeled waves i through v orange.

Within wave (c) green, it is likely that waves i through iv orange are complete and that wave v is in its late stages.

This count will be confirmed by movement above 1.3337.

At 1.3388 wave B blue would have traveled 50 % times the length of wave A blue and at 1.3416 wave y pink would have traveled 0.786 times the length of wave w pink.

This count would be invalidated by movement below 1.3233 as within wave v orange no second wave may retrace more than 100 % of its first wave.

Alternate Daily Wave Count

The only difference between both main and alternate counts is within the subdivisions of wave v orange of wave (c) green of wave y pink.

This count expects that wave B blue has topped and that Cable is setting the stage for a decline.

This count would be initially confirmed by movement below 1.3080 and then 1.2773 and finally 1.2400.

The minimum target for wave C blue and therefore, wave (3) black is a pip below the end of wave (1) black at 1.1970. At 1.1670 wave C blue would have traveled 0.786 times the length of wave A blue.

This count would be invalidated by movement above 1.3337 as within wave C blue no second wave may retrace more than 100 % of its first wave.

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