GBPUSD 23rd April, 2019

Cable traded on down, reaching and exceeding the first cited target. We will continue to look for lower lows. At this stage, any bounce should prove corrective, preparing the way for further decline.

As always we will wait for either count’s confirmation point to be reached to determine the highly probable count.

Synopsis: By moving below 1.2974 Cable would be expected to locate support around 1.2925 and if exceeded then to 1.2797.

Main Hourly Count

– Invalidation Point: 1.3133
– Confirmation Point: 1.2914
– Downwards Targets: 1.2797
– Wave number: (iii) green
– Wave structure: Motive
– Wave pattern: Impulse

Elliott Wave chart analysis for the GBPUSD for 23rd April, 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 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.

Wave (3) black is unfolding as a zigzag labeled waves A, B and C blue with waves A and B blue complete and wave C blue is underway.

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

Wave B blue unfolded as a triple zigzag correction labeled waves w, x, y, x and z pink.

This count will be initially confirmed by movement below 1.2773 and the final confirmation point is at 1.2400.

At 1.2612 wave C blue would have traveled 0.618 times the length of wave A blue.

This count would be invalidated by movement above 1.3383 as within wave C blue no second wave may retrace more than 100 % of its first wave.

Main Hourly Wave Count

This count suggests that wave B blue is complete and that wave C blue is underway.

Within wave C blue, waves i and ii pink are complete and wave iii pink has started.

Wave i pink unfolded as an expanding leading diagonal labeled waves (i) through (v) green.

Within wave iii pink, waves (i) and (ii) green are complete and wave (iii) green is underway.

Wave (ii) green unfolded as a zigzag labeled waves a, b and c orange with wave b orange unfolding as a triangle.

It will be confirmed that wave (iii) green is underway by movement below 1.2974.

At 1.2797 wave (iii) green would have traveled 1.618 times the length of wave (i) green.

This count would be invalidated by movement above 1.3133 as within wave (iii) green no second wave may retrace more than 100 % of its first wave.

Alternate Daily Wave Count

This count suggests that wave B blue remains in force as a zigzag correction labeled waves a, b and c pink with wave a pink complete and wave b pink is underway.

Wave a pink unfolded as a leading diagonal labeled waves (i) through (v) green.

At 1.2893 wave b pink would have traveled 50 % times the length of wave a pink and at 1.2779 wave b pink would have traveled 0.618 times the length of wave a pink.

This count would be invalidated by movement above 1.3383 as within wave b pink no B wave may retrace more than 100 % of its A wave as well this count would be invalidated by movement below 1.2400 as within a zigzag wave b pink may not retrace more than 100 % of wave a pink.

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