GBPUSD 10th June, 2019

The post above the main hourly count’s confirmation point is in line with the bullish outlook. We still want to see further impulsive advance to favor the bullish stance. We should keep in mind that the alternate hourly count does not provide the best fit.

Synopsis: By moving above 1.2764 Cable would be expected to locate resistance around 1.2835 and if exceeded then to 1.2950. On the other hand, by moving below 1.2559, Cable would be expected to locate support around 1.2545.

Main Hourly Count

– Invalidation Point: 1.2559
– Confirmation Point: 1.2764
– Upwards Targets: 1.2835 — 1.2950
– Wave number: iii orange
– Wave structure: Motive
– Wave pattern: Impulse

Alternate Hourly Count

– Invalidation Point: 1.2764
– Confirmation Point: 1.2559
– Downwards Targets: 1.2545
– Wave number: v orange
– Wave structure: Motive
– Wave pattern: Impulse/Ending diagonal

Elliott Wave chart analysis for the GBPUSD for 10th June, 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, waves (1) and (2) black are complete and wave (3) black is underway.

Within wave (3) black, wave A blue is complete and wave B blue is in force as a zigzag correction labeled waves a, b and c pink with wave a pink complete and wave b pink is in its late stages.

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

Wave b pink unfolded as a zigzag labeled waves (a), (b) and (c) green and it is likely that wave c pink is in its early stages.

This count would be initially confirmed by movement above 1.3178 and the final confirmation point is at 1.3383.

At 1.3539 wave c pink would have traveled the same distance as wave a pink.

This count would be invalidated by movement below 1.2400 as wave b pink may not retrace more than 100 % of wave a pink.

Main Hourly Wave Count

This count suggests that wave b pink is likely complete as a zigzag labeled waves (a), (b) and (c) green and that wave c pink has started.

Wave (b) green unfolded as an expanded flat correction labeled waves a, b and c orange.

Wave a orange unfolded as a zigzag labeled waves A, B and C purple.

Wave b orange unfolded as a zigzag labeled waves A, B and C purple with wave C purple unfolding as an impulse labeled waves (1) through (5) aqua.

Wave c orange unfolded as an impulse labeled waves 1 through 5 purple.

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

Wave iii orange unfolded as an impulse labeled waves 1 through 5 purple.

Wave iv orange unfolded as a zigzag labeled waves A, B and C purple.

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

This count would be confirmed by movement above 1.2764.

At 1.2835 wave iii orange would have traveled the same distance as wave i orange and at 1.2950 wave iii orange would have reached 1.618 times the length of wave i orange.

This count would be invalidated by movement below 1.2559 as within wave c pink no second wave may retrace more than 100 % of its first wave.

Alternate Hourly Wave Count

The only difference between both counts is that the alternate count expects that wave b pink has yet to run its course and that lower lows remain in store.

This count would be confirmed by movement below 1.2559.

At 1.2545 wave v orange would have traveled the same distance as wave i orange.

This count would be invalidated by movement above 1.2755 as within wave v orange no second wave may retrace more than 100 % of its first wave. As well this count would be invalidated by movement below 1.2400 as wave b pink may not retrace more than 100 % of wave a pink.

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