Cable continued to score lower lows, confirming the alternate scenario.
At this stage, any bounce should prove corrective, setting the stage for further decline.
Synopsis: By moving above 1.2543 Cable would be expected to locate resistance around 1.2569 and if exceeded then to 1.2605.
Main Hourly Count
– Invalidation Point: 1.2559
– Confirmation Point: 1.2543
– Upwards Targets: 1.2569 — 1.2605
– Wave number: 4 purple
– Wave structure: Corrective
– Wave pattern: Flat
Elliott Wave chart analysis for the GBPUSD for 17th 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 is unfolding as a zigzag labeled waves (a), (b) and (c) green with waves (a) and (b) complete and wave (c) green is in its late stages.
This count would be initially confirmed by movement above 1.3178 and the final confirmation point is at 1.3383.
At 1.3588 wave B blue would have traveled 50 % times the length of wave A blue and at 1.3620 wave B blue would have traveled 0.618 times the length of wave A blue.
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 remains in force as a zigzag labeled waves (a), (b) and (c) green with waves (a) and (b) green complete and wave (c) green is in its late stages.
Wave (c) green is unfolding as an impulse labeled waves i through v orange with waves i through iv orange complete and wave v orange is underway.
Wave iii orange unfolded as an impulse labeled waves 1 through 5 purple.
Wave iv orange unfolded as an expanded flat labeled waves A, B and C purple.
Within wave v orange, waves 1 through 3 purple are highly likely complete and wave 4 purple is underway.
This count would be confirmed by movement above 1.2543.
At 1.2569 wave 4 purple would have reached 0.236 times the length of wave 3 purple and at 1.2605 wave 4 purple would have reached 0.382 times the length of wave 3 purple.
This count would be invalidated by movement above 1.2654 as wave 4 purple may not enter the price territory of wave 1 purple.