If price closes under the major resistance line, could be looking for the exchange rate to plummet south on a C corrective wave.
Komen:
(Journal) Bullish Harami formed which pushed price higher. Ideally I should've placed a support line at the end of the wick of the previous daily bearish candle. Then I would've acknowledged the candlestick pattern formation but it's calm, I didn't enter after foreseeing what gbp fundamentals had in store for me yesterday. In contrast, my GBPCAD trade outperformed.
I have to admit, this Elliot Wave analysis was awful, I have no idea why I thought the first 1st-2nd wave is an actual wave. If anything the 3rd-4th wave makes more sense where I decided to draw the ABC Corrective Wave. Now as price continues to surge higher to form the 4th-5th, we're more likely to see some correction in price.
Penafian
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I have to admit, this Elliot Wave analysis was awful, I have no idea why I thought the first 1st-2nd wave is an actual wave. If anything the 3rd-4th wave makes more sense where I decided to draw the ABC Corrective Wave. Now as price continues to surge higher to form the 4th-5th, we're more likely to see some correction in price.