GBP/USD: Elliott waves (Jan. 20)
Weekly. The market continues building upward impulse wave [c] of B.
Chart. Weekly GBP/USD
Daily. The pair has recently started forming wave IV. Construction of this wave will last at least for the next week. Most likely, it will take even longer term. Trade within this wave is a very complex process, it’s recommended to stay out of the market until the correction is over.
Chart. Daily GBP/USD
H4. We assume that the wave (IV) will take the form of a double zigzag. The wave W is fully formed, now we see the construction of X. Note that this wave can take any corrective form. When X is fully built, the pair will start generating the second downward zigzag – Y.
Chart. H4 GBP/USD