Cable located support 3 pips below the cited target level before resuming the advance as anticipated. The pop above the main hourly count’s confirmation point, supporting the bullish outlook.
We are updating the main count on both daily and hourly charts with tight targets and confirmation points.
Synopsis: Cable is expected to locate resistance around 1.2862 and if exceeded then to 1.3000.
Main Hourly Count
– Invalidation Point: 1.2506
– Confirmation Point: 1.2767
– Upwards Targets: 1.2645 — 1.2592
– Wave number: iii orange
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the GBPUSD for 21st 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) through (4) black are complete and wave (5) black is underway.
Within wave (5) 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 waves a and b pink complete and wave c pink is in its early 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.
This count would be initially confirmed by movement above 1.3178 and the final confirmation point is at 1.3383.
At 1.3485 wave c pink would have traveled the same distance as wave a pink 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 is complete and that wave c pink started to unfold upwards with wave (i) green underway.
Wave v orange of wave b pink unfolded as an impulse labeled waves 1 through 5 purple.
Within wave c pink, (i) green is underway with waves i and ii orange complete and wave iii orange has started.
At 1.2862 wave iii orange would have traveled the same distance as wave i orange. And at 1.3000 wave iii orange would have traveled 1.618 times the length of wave i orange.
This count would be invalidated by movement below 1.2605 as wave ii orange may not retrace more than 100 % times the length of wave i orange. Please keep in mind that once we have confirmation that wave iii orange is underway, the invalidation point will be moved to the end of wave ii orange.