daily forex elliott wave analysis

I’m very sorry for being offline all this time (practically a week). Although, the latter parts of analysis I’ve brought before my mini-vacations are still actual, right now I’m updating the view on cable.

Starting from Apr.15, GU is declining, by now it’s at the stage of wave 5 completing. If the 5-wave scenario proves, it’ll be a strong signal for the following decline to previously determined target.

On lower TF it’s shown, that wave 5 has expanded, and the current price position is @ wave (4) of 5 level. That means short-term sells can be opened with SL 1.545 and TP 1.519.

If the price breaks the previous peak (1.545), it’ll activate 3-3-3 scenario, that is actual for the retracement moves. It can indicate the continuation of the uptrend. Though, this variant is kept in mind, but is unlikely.