Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by AyoBro

Ohhhhhhhh myyyyyy!!!

i know i might be wrong , but that what i see . and good luck for every one.

Break of 1.6271 suggests corrective decline [(a)-(b)-(c)] from 1.6400 has ended at 1.5935. Subsequent rise from 1.5935 has unfolded impulsively with wave (1) ending at 1.6042, wave (2) at 1.5941 and wave (3) currently unfolding. Break of 1.6220 support confirms the completion of wave (3). Wave (5) is expected to test 1.6400. Below 1.5971 invalidates bullish outlook.

Strategy: Short below 1.6256 with targets: TP1 1.6200; TP2 1.6149; TP3 1.6098. Long above 1.6364 with target: TP1 1.6456

For Daily/Weekly/Monthly Wave Analysis Visit: Surf The Elliott Wave

Originally Posted by MOZI32

i know i might be wrong , but that what i see . and good luck for every one.

I'm liking your TL drawn off the 6151 & 6177 tops for support.

Originally Posted by fxgeniusnyc

Break of 1.6271 suggests corrective decline [(a)-(b)-(c)] from 1.6400 has ended at 1.5935. Subsequent rise from 1.5935 has unfolded impulsively with wave (1) ending at 1.6042, wave (2) at 1.5941 and wave (3) currently unfolding. Break of 1.6220 support confirms the completion of wave (3). Wave (5) is expected to test 1.6400. Below 1.5971 invalidates bullish outlook.

Strategy: Short below 1.6256 with targets: TP1 1.6200; TP2 1.6149; TP3 1.6098. Long above 1.6364 with target: TP1 1.6456

For Daily/Weekly/Monthly Wave Analysis Visit: Surf The Elliott Wave

You do harmonics? I'm traditional EW but there is nothing I can't learn.

Originally Posted by JohnG_FX

I would agree with that.

What exactly did you say this time around? I can't seem to find your comment.

if this goes according to plan we could be headed lower for a couple of weeks..the biggest threat now to USD positions is the chance of govt shutdown

GBPUSD Confined Within Triangle: Which Way Will Cable Break?

Originally Posted by Mary R

if this goes according to plan we could be headed lower for a couple of weeks..the biggest threat now to USD positions is the chance of govt shutdown

Hi Mary,

I don`t feel like ITD8 bottom is in - in bearish case - late ITD7 looks better to me, or ITD8 is yet to come.

I suspect bullish case here - namely late ITD7/MTD (12) or 12/LTD6 bottom in. This looks a lot like a house with a dome continuation pattern (the whole choppy range). There will most likely be a weekly close above the TL from the very top in 2008 and weekly 100 EMA still holds very well. targetting ITD8 top above 1.64??

edit: I wouldn`t exclude bullish diamond possibility too - ITD8 marginally breaks 1.64 => sharply down to ITD9 and fnally sharply up.

Patryk

Originally Posted by fazi

Hi Mary,

I don`t feel like ITD8 bottom is in - in bearish case - late ITD7 looks better to me, or ITD8 is yet to come.

I suspect bullish case here - namely late ITD7/MTD (12) or 12/LTD6 bottom in. This looks a lot like a house with a dome continuation pattern (the whole choppy range). There will most likely be a weekly close above the TL from the very top in 2008 and weekly 100 EMA still holds very well. targetting ITD8 top above 1.64??

edit: I wouldn`t exclude bullish diamond possibility too - ITD8 marginally breaks 1.64 => sharply down to ITD9 and fnally sharply up.

Patryk

Yes,I see what you mean, it doesn't seem to be behaving as it might if the bearish case scenario were in. Not sure how much of that is due to what is going on in the US

Originally Posted by Mary R

Yes,I see what you mean, it doesn't seem to be behaving as it might if the bearish case scenario were in. Not sure how much of that is due to what is going on in the US

Hi Mary,

Wow! - LTD6/MTD 12 or MTD(12) bottom is confirmed! very early!- Going up to Ltd7 due in the summer.

Patryk

ok - ITD8 is due today - so the top should be 1-2 days late - if we`re going up to ITD9 top (5 trading days from today) the top should be due a week later.

I prefer ITD8 top setup.

Patryk

Break of 1.6271 suggests corrective decline [(a)-(b)-(c)] from 1.6400 has ended at 1.5935. Subsequent rise from 1.5935 has unfolded impulsively with wave (1) ending at 1.6042, wave (2) at 1.5941 and wave (3) currently unfolding. Break of 1.6363 suggests the uptrend is resuming. Below 1.6278 indicates a false upside breakout and invalidates bullish outlook.

Strategy: Long at 1.6364 with stop at 1.6277. Price targets: TP1 1.6456 (23.6% fib-extention taken from 1.5971 to 1.6363); TP2 1.6513(38.2% fib-extention taken from 1.5971 to 1.6363).

For Daily/Weekly/Monthly Wave Analysis Visit: Surf The Elliott Wave

Originally Posted by AyoBro

I'm liking your TL drawn off the 6151 & 6177 tops for support.

Update.................

Originally Posted by Gregory McLeod

GBPUSD Confined Within Triangle: Which Way Will Cable Break?

GBP/USD Broke North From Triangle Consolidation! Came within a few pips of price projection target