Wave marking analysis:
Yesterday during the Asian session the GBP/USD pair has failed to test the point 1.6060 and remained within the quite narrow range. Considering that the pair has developed the inner wave dimension of the ascending part of the trend beginning since April 16, the price will probably drop to the point 1.5950. At the same time concerning the length of the wave 1 and 3 it is necessary to keep in mind that the wave 5 in 3 will be more complicated and quotes will reach the measured targets located in the area of figure 61.
Targets for the wave 3 option:
1.6095 – 161.8% according to Fibonacci
Targets for the wave 4 option:
1.5979 – 38.2% according to Fibonacci
1.5949 – 50.0% according to Fibonacci
1.5918 – 61.8% according to Fibonacci
General conclusions and trading recommendations:
At the moment the wave marking has been changed: presently the current part of the trend can be attributed to the new 5-wave structure. Also the wave 3 is probably forming. The intermediary targets for this wave is seen at the 1.6095 Fibonacci level which is equal to 161.8% of Fibonacci. If the current wave marking is true, when the wave 3 has been developed (MACD divergence/convergence will indicate the end of this wave), the quotes are likely to decline within the wave 4 with 1.5979, 1.5949 and 1.5918 seen as targets.
No comments:
Post a Comment