EURGBP Is Setting Up to Complete a Regular Flat Pattern.
EURGBP decline from August 2019 high can be seen as a classic Elliot Wave five-wave impulse pattern, labeled 1-2-3-4-5.
Every impulse is followed by a three-wave correction. That is what seems to be in progress in EURGBP's case. The rally from wave 5 low unfolded in three-wave, followed by another three-wave decline which must have been wave "A" and "B" of a larger A-B-C flat pattern.
If this count is correct, this corrective scenario best fit in for a 3-3-5 regular flat pattern according to EW. So it makes sense to expect a five-wave rally in wave "C" to complete the corrective cycle.
However, the theory states that once a correction is over, the larger trend resumes in the direction of the impulse. Here, once wave “C” is over, a bearish reversal can be expected.
What's your thought on EURGBP?
Every impulse is followed by a three-wave correction. That is what seems to be in progress in EURGBP's case. The rally from wave 5 low unfolded in three-wave, followed by another three-wave decline which must have been wave "A" and "B" of a larger A-B-C flat pattern.
If this count is correct, this corrective scenario best fit in for a 3-3-5 regular flat pattern according to EW. So it makes sense to expect a five-wave rally in wave "C" to complete the corrective cycle.
However, the theory states that once a correction is over, the larger trend resumes in the direction of the impulse. Here, once wave “C” is over, a bearish reversal can be expected.
What's your thought on EURGBP?
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