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Saturday, 2 June 2012

GBP/USD H1 & H4 & Daily Elliott Wave Count Update.

Detailed look at GBPUSD M15 shows that wave 5 = 100% wave 3 and 200% wave 1.

Now we might expect some more complex consolidation ahead.

GBP/USD H4 time frame show bigger picture view on price action. We got big impulsive wave 1 black from the top of 1.63000 counted as completed 5 wave structure with wave 5 ending 30pip below 61.8%FibExpansion of wave 1-3 range.
The overall range of wave 1 is about 1032 pips (from 1.6300 top to 1.5268 current low), so is 30pip miss a big deal? I'm not sure, but due to the lack of divergence between wave 3 and wave 5 on oscillator and 30pips miss in Fibo relationships, I have included alternative count that indicated wave 3 as wave 1 and wave 4 as wave 2. That means alt:wave 3 might end @ 100%FibExpansion of wave 1 at 1.5050. See the picture.

And daily time frame point of view on my GBP/USD count. I would like to see this maroon trend line test as wave 2 for example.


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