At the middle of September our Elliott Wave analysis for GBPUSD suggested that cycle from the 1.6062 low isn’t completed at 1.6278 , just only the first leg W. The price had given us decline in wave X and reached our potential reversal area. Another 3 wave rally from marked zone 1.6170-1.6145 was expected.
Let’s take a look at H1 Elliott Wave charts from the 16. September 2014. to see how we were guiding our members through this pair.
Note: Some labels have been removed to protect client privileges.
GBPUSD September 16/2014 (NY Update)
GBPUSD September 16/2014 (Mid-day NY Update) Wave X is done at 1.6163 and rally in progres in wave Y…
GBPUSD September 19/2014 (Asia Update) Due to new price structure and overall market condition count is slightly changed, wave y of (Y) is marked as triple three corective structure – another extension tooward 1.6509 is expected before pull back takes place.
GBPUSD September 19/2014 (London Update) 1.618 extension level is slighlty exceeded,however bounce has happened and pull back is in progress…
GBPUSD September 20/2014 (Weekend Update) First leg (W) is about to complete, short term recovery (x) is expected…
GBPUSD September 22/2014 (Mid-day NY Update) Short term recovery (X) is in progress toward 50-61.8 fib area from the high.
GBPUSD September 23/2014 (Mid-day NY Update) (X) has reached 50-61.8 fib area ,it seems to be in place – another leg lower is expected toward marked 61.8-76.4 fib area.
GBPUSD September 30/2014 (Asia update) The pair has given us decline toward 61.8 fib as expected , analysis suggests another push lower toward equal legs area. (further path and labels have been removed to protect client privileges).
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