I assume on top is wave 4 because it invalidates the recent bullish count.
That would be the way if it broke down. We have some serious divergence here at the 50% retracement. I think wave 4 of 1 is complete and it is going up.
It is up, which implies a break down. There is one more move left which should go to about 6303. Look at the hourly chart. Wait for break after move to 6300 to add unless it takes out 1.6260.
for me game is over for bears in medium term on GBPUSD
why ?
look on RSI in point C and now
there is no more trangle in long term (only on weekly can be yet - on daily is negated)
That is why I use rate of change. You are correct about the long term 4 hour or more. But, if you go to 1 hr, you will see that divergence is present. There should be 1 more move up.
for me game is over for bears in medium term on GBPUSD
why ?
look on RSI in point C and now
there is no more trangle in long term (only on weekly can be yet - on daily is negated)
will know if the resistant will hold for the daily chart
short term will be coming under pressure
"game is over for bears in medium term on GBPUSD"
too early to tell, but your system may work
i just wish it is a breakout bull trap to round up those bulls on top for pepper steak meal later
That is why I use rate of change. You are correct about the long term 4 hour or more. But, if you go to 1 hr, you will see that divergence is present. There should be 1 more move up.
Good Luck.
on short term you are right - I also expect some move down, but until now I thought about long term short from this area ? Now I will be not suprised if we will see 1,7 area after expect move down.
I avoid trading GBPUSD. Look like bull trap unless already enter at the last week bottom. I still waiting it to move down. It must have wave X and wave Z in order to fit into the current market movement as I look at Mr. Aerocom's chart. Wave Z will be the longest that it can break 1.66 up to 1.7.
Here is the swissy chart. A and C are equal at .8817 however, wave 5 cannot be longer than wave 3. Therefore, it is highy likely that price will not go below .8976.
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Originally Posted by JoeyLee 
Look like bull trap unless already enter at the last week bottom. I still waiting it to move down. It must have wave X and wave Z in order to fit into the current market movement as I look at Mr. Aerocom's chart. Wave Z will be the longest that it can break 1.66 up to 1.7.
