On the 4h chart of GBPUSD we are observing the final stages of an ending diagonal where another leg up is still missing. We expected another push up into wave C) of 5) towards 1.3100-1.3150 zone, where the market can be looking for a top this week. So, for now the pair remains in bullish mode, therefore the current wave B) may find a base near 1.2790/1.2860 region where the previous swings can act as support and push price higher. GBPUSD, 4H Ending diagonal An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast, as Elliott put it. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. In double or triple threes, they appear only as the final “C” wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement. structure is 3-3-3-3-3 a wedge shape within two converging lines wave 4 must trade into a territory of a wave 1 appears primarily in the fifth wave position, in the C wave position of A-B- C and in double or triple threes as the final “C” wave Gregor Horvat Gregor Horvat Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power! View All Post By Gregor Horvat Daily Look share Read Next EUR/USD: ‘Mess Around’ Here Before Positioning Lighten Up To Yohay Elam 6 years On the 4h chart of GBPUSD we are observing the final stages of an ending diagonal where another leg up is still missing. We expected another push up into wave C) of 5) towards 1.3100-1.3150 zone, where the market can be looking for a top this week. So, for now the pair remains in bullish mode, therefore the current wave B) may find a base near 1.2790/1.2860 region where the previous swings can act as support and push price higher. GBPUSD, 4H Ending diagonal An ending diagonal is a special type of pattern that occurs at times when the preceding… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
