EUR/GBP: Pikcing Alternative Elliott Wave Count

 

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  • Daily: The daily shows that we are yet to complete Wave (C), which is an impulse wave. I believe the alternative count is appropriate because the break of the channel should be part of wave 3, not 5, which is suggested by the non-highlighted (i) to (v) counts. The original count suggests (C) is complete as well, which may be premature.
  • The alternative count allows for a (C) wave to extend pass 100% of (A), a guide could be 150-161.8% near 0.7850. This is also a support of a larger channel support, not shown here, but seen in the weekly.

  • 4H: The 4H chart shows the count anticipation in more detail. Price action is showing some strength, but not enough confirmation yet. In any case planning for a wave 4, we know that a guide is to project it to the previous (iii), which is 0.86. There is 61.8% retracement at 0.8550, and 50% at 0.8490. These are possible and also consider the confluence of the SMA 200.
  • According to this count, the next move after this wave 4 correction is complete, is wave 5 and completion of wave (C) near 0.7850 (161.8% of (A)).

Fan Yang Currency Analyst Commodity Trading Advisor

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