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Elliott Forecast

Daud Bhatti

Elliott Wave View: GBPUSD Zigzag Correction in Progress

July 28, 2023 By

Short term view in GBPUSD suggests the rally to 1.3143 ended wave 1. Pullback in wave 2 is currently in progress as a . Down from wave 1, wave (i) ended at 1.305 and rally in wave (ii) at 1.3126. Pair then declined in wave (iii) towards 1.2867 and rally in wave (iv) ended at 1.2965. Pair made the last leg lower wave (v) towards 1.2839 to end wave (v). This completed wave ((a)). Rally in wave ((b)) unfolded as an expanded flat structure. Up from wave ((a)), wave (a) ended at 1.2904, wave (b) ended at 1.2797, and wave (c) of ((b)) ended at 1.2997. Pair then extends lower in wave ((c)).

It has broken below the previous expanded flat wave (b) low at 1.2797, which suggests the next leg lower has started. Down from wave ((b)), expect wave (i) to complete soon. Pair should then rally in wave (ii) to correct wave (i) before it resumes lower again as far as it stays below 1.2997. Potential target for wave 2 lower is 100% – 161.8% Fibonacci extension of wave ((a)) which comes at 1.256 – 1.269. Near term, as far as pivot at 1.2997 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

GBPUSD 60 Minutes Elliott Wave Chart

GBPUSD Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-gbpusd-zigzag-correction-progress/

28/07/2023 1 EN

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Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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Daud Bhatti

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