Traders, EURGBP dominant trend remains Bullish on the WEEKLY chart. Since 6/10/2016 it has been in correction and has developed A (circle) and B (circle) corrective waves so far. Right now, we are looking to sell the next impulsive C (circle) wave.
1 - Wave-A (circle) developed into a 5-wave motive structure, ending at 0.83045. 2 - Wave-B (circle) developed into a flat pattern, internal 3-3-5 structure (a),(b),(c) , ending at 0.89475. 3 - Wave-C (circle) could be developed into a 5-wave motive structure, ending close to 0.80300.
So with this internal structure we' re looking for a ZigZag pattern to complete near 0.80300, close to 50% fib retracement of 1-5 trend, where also A (circle) = C (circle).
-Longer term, after ZigZag completes, we should look for uptrend continuation.
Trade with Discipline. Best
Komen
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Just an update, Watch price action this week, possible reversal point is now. Daily chart on the corrective wave.
Komen
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4H Chart, see the impulsive [C]-wave and how beautiful fib confluence is.
I think your first 12345 count is wrong, you ignored the lowest low... your 1 is actually the 3 and the 5th is extended, that is why you had such a violent A wave down as the first impulse of the corrective structure
ChrisMark
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@Koryphaeen, Thank you for your comment, you're right, was working in 4H Chart and missed to see the difference of my first wave low to previous lower low which is 40 pip, only after publishing it on a daily chart did I realize it.
However, the measurements stay the same, as the targets. Happy pips.
Koryphaeen
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@ChrisMark, This looks good now, I agree with you on this setup, I am waiting for the same C wave down... trade with care, do some profit mate... ;)
jojofang0901
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Beautiful trade setup, thank you for sharing your view. I have similar idea as well on this pair.