As you know I have been yelling Parity at the top of my lungs since I've been on Tradingview, i'm sure some of you are sick of hearing it now! Most banks including now GS are targeting these lows, I would advise retailers to stay clear of GBPUSD and instead find opportunities on pairs like e.u.
Now likely a corrective 4th wave of a 5-wave from the August higher; potential to retrace between 1.0963 and 1.1033 (23.6 to 38.2%)
Eventually still see potential for one more decline towards 1.066 before some more euro relief.
The problem with Elliot Wave is that it's a bit like reading tea leaves, or gazing at the entrails of a goat to determine future events. I assume most have been stopped out of this short as we are currently 200+ pips up the creek, but for those hardy souls who trade the long view, any words of encouragement here?
ElWaver
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Agree with wave count! This ABC move is just wave D in a larger triangle, and then we're still going to see final wave E, and then...welcome Parity!
TheBanker
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:) thanks mate, open the gates for the party at parity!