Cycle wave W (turquoise) top has been tagged at the end of January 2018, when the Triple Three pattern concluded with its Primary sequence WXYXZ (purple).
The bearish breach which followed until mid-August has been labeled as Primary W (red), the first leg of Cycle wave X (turquoise).
Since mid-August 2018, when GBP/USD bounced off the 1.2750 support, a bullish corrective sequence could be noticed in what has been labeled as Primary X (red).
Intermediate (A)(B)(C) (orange) appears to be developing as an attempt to recover some of the previous losses, within a possible ascending channel. Intermediate (A) (orange) has been corrected almost entirely by Intermediate (B) (orange), with what appears to be a Flat formation.
If the labeling is correct, then Intermediate (C) (orange) should begin a bullish impulse, one which could reach as high as 1.3500 or even 1.3700 levels.
The bearish breach which followed until mid-August has been labeled as Primary W (red), the first leg of Cycle wave X (turquoise).
Since mid-August 2018, when GBP/USD bounced off the 1.2750 support, a bullish corrective sequence could be noticed in what has been labeled as Primary X (red).
Intermediate (A)(B)(C) (orange) appears to be developing as an attempt to recover some of the previous losses, within a possible ascending channel. Intermediate (A) (orange) has been corrected almost entirely by Intermediate (B) (orange), with what appears to be a Flat formation.
If the labeling is correct, then Intermediate (C) (orange) should begin a bullish impulse, one which could reach as high as 1.3500 or even 1.3700 levels.
