GBPUSD- Change of Structure(Possible Ending Diagonal in C-wave)

25 Apr 2016

Poke above 1.4515- “a” leg high is more than enough for us to change or negate triangle structure but outlook still remains bearish.
Earlier we took whole structure as triangle & we were looking out for d-leg downside & one more push from rising trendline starting of b-leg…where d-leg could have taken support & pushed up again as e-leg to complete triangle & finally down move.
Trading Strategy:
Now, it seems that if GBPUSD breaks 1.4365 & later 1.42979 can continue till b-wave@1.4005 which will act as strong support.
So, It can form an X-wave if it stops@1.4005 above & move higher to same range 1.4500—1.4515 or if it breaks 1.4005…It can be start of an impulsive down leg which can go deep down & first test 1.38675 low as well giving us best risk reward in coming days.
Regards,
Abhishek H.Singh,CMT

26 Apr 2016

Nota

There is small buying opportunity as well for targets 1.4684 which i will update in next chart & selling for sure if GBPUSD goes below 1.4300 mark.....Regards

26 Apr 2016

Nota

Distance between 1.3836 to 1.4515 = 0.0679....If you add to 1.4005 ...which is b-wave bottom we get 1.4005 + 0.0679 = 1.4684 as the buying target from current levels of 1.4571.....Then we will achieve equality target & we will check for downtrend...break of 1.4300 shall give us that clue. Regards

26 Apr 2016

Nota

Also if you are taking buy call for target 1.4684 from current levels of 1.4570----be careful as prices should not fall below 1.4515 which was a-wave high or kindly put that stoploss for buying@1.4565--1.4570 for target -1.4684....Later once pair takes out 1.4300--we shall sell. Regards.