GBPUSD ELLIOT WAVE AND CHART PATTERN ANALYSIS
GOOD DAY TRADERS
Price has formed an ending diagonal as wave V, we are expecting a sharp correction pattern which will be the final structure of a complete wave and the correction is expected to go down to at least a 50% retracement but more likely 0.618 retracement level.
there has been presence of divergence which shows that the uptrend is loosing strength and we should be expecting a reversal and also price is at a very strong resistance level i.e 1.2477 and it has tested this level 3 times without breaking it and also a possible double top is in gradual formation on the 4hr chart you can check that up
im going shot on the market but i will advice you trade with caution due to covid 19
if you have a contrary opinion on my wave count or my analysis you can just leave a comment im open to learning.. thank you
Price has formed an ending diagonal as wave V, we are expecting a sharp correction pattern which will be the final structure of a complete wave and the correction is expected to go down to at least a 50% retracement but more likely 0.618 retracement level.
there has been presence of divergence which shows that the uptrend is loosing strength and we should be expecting a reversal and also price is at a very strong resistance level i.e 1.2477 and it has tested this level 3 times without breaking it and also a possible double top is in gradual formation on the 4hr chart you can check that up
im going shot on the market but i will advice you trade with caution due to covid 19
if you have a contrary opinion on my wave count or my analysis you can just leave a comment im open to learning.. thank you