EUR/GBP: Pikcing Alternative Elliott Wave Count



  • 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

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.

All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.