Below we have a daily count of GBPUSD. On it we have labeled a bigger three wave movement, that is considered an A-B-C correction. This correction is a simple zig-zag, which means it has a formation of a 5-3-5, meaning waves A and C are impulses and consist of five sub-waves, while the connecting wave B is a correction and consists out of three sub-waves. That said, we can also see that this big correction is ending, near the 1.3256 regions. A confirmation for a completed correction would be a five-wave fall. GBPUSD, Daily On the 4h chart lower, we can see a sharp and strong drop taking place from around the 1.3249 level, where various Fibonacci ratios (138.2 and 100.0) took place and pushed prices lower. These Fibonacci ratios suggest where recent sub-wave C) of five could end and make a sharp reversal lower. Well, we can see that market nicely reversed, which gives us an idea that maybe the bigger correction (seen on the daily chart) is also over, meaning more weakness can follow on the pair. Ideally, the price will now unfold a new bigger five-wave drop on cable and approach levels near the 1.2700 and below. GBPUSD, 4H Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only. 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, DAX and Gold technical analysis Guest 6 years Below we have a daily count of GBPUSD. On it we have labeled a bigger three wave movement, that is considered an A-B-C correction. This correction is a simple zig-zag, which means it has a formation of a 5-3-5, meaning waves A and C are impulses and consist of five sub-waves, while the connecting wave B is a correction and consists out of three sub-waves. That said, we can also see that this big correction is ending, near the 1.3256 regions. A confirmation for a completed correction would be a five-wave fall. GBPUSD, Daily On the 4h chart lower, we… 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.
