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GBPUSD Is a New Bearish Trend Starting?

Started by PocketOption, Jan 20, 2023, 10:42 am

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PocketOption

GBPUSD Is a New Bearish Trend Starting?

Elliott Wave

GBPUSD


GBPUSD could lead to the formation of a global corrective triple zigzag w-x-y-x-z.


The final wave z most likely takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The primary wave Ⓩ could take the double zigzag pattern (W)-(X)-(Y).


The formation of the intervening wave (X) has recently ended. There is a high probability that the last sub-wave (Y) will take the form of a zigzag A-B-C.


The end of the first impulse wave A is expected at a minimum of 1.095.


GBPUSD


Alternatively, it is assumed that the cycle wave z could has ended. Thus, we see that since the end of September, bulls have started to move the price up in a new trend.


Perhaps we are seeing the development of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four waves are already formed.


In the last section of the chart, the final actionary wave Ⓩ is formed. It will most likely be at 76.4% of wave Ⓨ, and will end near 1.298.


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