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GBP/USD: Elliot wave analysis

Weekly. The layout has been revised. Now we are seeing the formation of a global corrective wave B, which takes the form of a wave flat. At the moment the market’s forming an upward impulse wave [c].

Chart. Weekly GBP/USD

Daily. The detailed layout of this wave is shown at the picture. The market is constructing the wave (III).

Chart. Daily GBP/USD

H4. The figure shows 2 scenarios of the price movement. It all depends on what wave is now being formed. Either this is an impulse wave V, in which case we’ll see a continued recovery, or a wave IV (this scenario is marked on the chart with gray) – in this case, in the near future we’ll see a decline. The upward movement in the wave V will begin only after the construction of the wave IV is complete.

Chart. H4 GBP/USD

Roman Petuchov for FX BAZOOKA

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