GBPUSD: Ending Diagonal Breakout Triggers Bearish correction

2023年5月11日

The GBPUSD currency pair has initiated a downward corrective movement subsequent to breaking out from the ending diagonal pattern during the Asian session today. Currently, the pair is in the first wave (a) of the correction phase and is anticipated to conclude around the 1.24650 area. Following the completion of the wave (a), we expect a rally to form the wave (b) in the 1.25800 region (provided we have a zig-zag correction pattern), before an impulsive drop in the wave (c) to the 1.24000 region.

My analysis suggests a slight upward rally in the pair towards the 1.25600 region before establishing a short position. Overall, my outlook predicts that GBPUSD will experience a decline towards the 1.24000 area in the forthcoming days, provided my analysis is correct.

2023年5月11日

注释

From harmonic pattern perspective, this is what is possible. A drop to the 1.24700 region before the rally to the upside in Wave (b).

2023年5月12日

注释

Here is the result so far. More than +75Pips achieved.

2023年5月17日

注释

A quick update on this analysis. Massively following the projection.

2023年5月22日

注释

I'm still following the Elliott wave count on GBPUSD. Here is the updated count:

2023年5月24日

交易结束：到达目标

About 200pips bagged