GBPUSD: Let's Try This AGAIN! Could Wave 2 Be Done Now?

With great hesitancy, I would say....MAYBE! After being proven wrong a few times already in a span of only 1 day, you can understand why my confidence is not so high. Markets can do that to you. Humble pie tastes bitter. But that does not stop me from getting back up! Failure breeds success!

So with that, I present to you my latest masterpiece! Or some might call it "a piece of ****". I don't care. It's just my thoughts and you're welcome to it. So with the pleasantries done with...let's proceed!

What you see here is a simplified version of my wave count. And for all you traditionalist's here, this wave count is NOT the overall wave count as it pertains to this pair as a whole but is the internal wave structure of the BAT pattern. Which IS a part of the big picture. But you'll find that the internal wave count of the bat is in sync with the overall wave count. This is just my method of counting to simplify things.

You will also notice the POTENTIAL bearish cypher that has appeared after recent PA. It is quite possible that the C point of this cypher marks the end of the wave 2 (wave b of the abc corrective pattern). Which of course, would mean it is also the start of the wave 3 (wave c of the abc pattern). I say this with MUCH caution as wave 2's of any wave can be very difficult to predict and certainly can still go deeper down.

If and when prices do start going up, I don't think it will be a smooth ride up. There will be many retracements along the way given that this next few days will have significant news releases coming out. I may not be surprised that my whole analysis may get tossed by one or more of the news releases! So proceed with CAUTION!

OVERVIEW - 4Hr CHART
CONCLUSION + MY TRADING PLAN
Simple. I'm in LONG.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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