In this technical blog we’re going to take a quick look at the past Elliott Wave charts of EURGBP published in members area of the website. We’ll explain the Forecast and the Price Structure. As our members know EURGBP has ended April 2018 cycle at the 0.90976 peak. We were calling for pottential turn lower as far as the pivot at the 0.9097 peak holds. Recovery against the mentioned peak has been unfolding as Elliott Wave Double Three Pattern. We expected the pair to find the sellers for a short term pull back at least.
EURGBP 4 Hour Elliott Wave Analysis 10.27.2018
As of right now, the pair is correcting cycle from the 0.9097 peak. The price is showing incomplete sequence in the short term cycle from the August 10th low. Short term recovery is unfolding as Double Three Pattern when we’re now in ((y)) leg. We’re looking for more s hort term strength toward 0.89342-0.90197 area to complete proposed recovery. At mentioned zone the pair should find sellers either for further decline or 3 wave pull back alternatively.
EURGBP 1 Hour Elliott Wave Analysis 11.05.2018
Eventually the price gave us forecasted leg up and reached reversal area at 0.89342-0.90197 . The pair found sellers and we’re calling wave 2 red recovery completed there at 0.8938 high . As of right now, cycle from the mentioned peak looks incomplete to the downside. We got 5 waves in decline, short term bounce, and then another low. Current price structure suggests more weakness is possible as far as 0.8800 high holds in first degree. We should be ideally in wave (c) , as presented on the chart.
Keep in mind market is dynamic and presented view could have changed in the mean time. Not every chart is Trading Signal. Best instruments to trade are those presented in Sequence Report and in the Live Trading Room.
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