GBPCAD Elliott wave view in shorter cycles suggests that the decline from 3/19/2018 high 1.8417 is unfolding as a Zigzag structure in intermediate wave (W) lower. The internals of a zigzag structure unfolds with sub-division of 5-3-5 wave structure when wave A & C consists of 5 waves structure, which can be labeled as impulse or a Diagonal as well. When wave B can be any 3 wave corrective sequence as well. And wave C usually ends in between 100%-123.6% Fibonacci extension area of A-B.
The internals of Minor wave A unfolded as impulse sequence, where Minute wave ((i)) ended at 1.8140. Minute wave ((ii)) ended at 1.8380, Minute wave ((iii)) ended at 1.7846. Minute wave ((iv)) ended at 1.8095 and Minute wave ((v)) of A ended at 1.7817. Then Minor wave B bounce ended at 1.8057 and Minor wave C also unfolding as impulse sequence. Where Minute wave ((i)) of C ended at 1.7750, Minute wave ((ii)) of C ended at 1.7984 and down from there Minute wave ((iii)) of C ended at 1.7375 low.
Near-term, above from there Minute wave ((iv)) of C remains in progress in 3, 7 or 11 swings before another push lower approximately towards 1.7307-1.7074 123.6-161.8% Fibonacci extension area of A-B is seen. However, it’s important to note that the pair already reached the 100% extension area of A-B at 1.7451 thus have reached the minimum extension area already. Afterward, the pair is expected to see a bounce in intermediate wave (X) bounce for the correction of 1.8417 high in 3, 7 or 11 swings before further downside is seen. We don’t like selling it.
GBPCAD Elliott Wave 4 Hour Chart
Degree of labeling
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