So I have the Pound in an impulsive downtrend since July 2015.
The current wave count is
1. Wave 4 complex correction
2. Price has completed both A and B corrective waves.
3. Presently a 5 wave corrective C wave is in the degree down 3rd wave.
Some prognostics :
Wave 3 can be 1, 1.618 or 2.618 of wave 1. Targets would then be for wave 3 completion of 1.2850 ( were past that) , 1.3312 ( seems likely) and 1.4054 ( unlikely).
Wave 4 usually retraces 38.2 to .50 of wave 3. This would be between 1.2710 and 1.2850.
The final 5th minor wave to end at the Major 4th Corrective Wave at trendline resistance , which can be .382 to .50 of Major Wave 3 . So possibly between 1.36 and 1.39. :)
The current wave count is
1. Wave 4 complex correction
2. Price has completed both A and B corrective waves.
3. Presently a 5 wave corrective C wave is in the degree down 3rd wave.
Some prognostics :
Wave 3 can be 1, 1.618 or 2.618 of wave 1. Targets would then be for wave 3 completion of 1.2850 ( were past that) , 1.3312 ( seems likely) and 1.4054 ( unlikely).
Wave 4 usually retraces 38.2 to .50 of wave 3. This would be between 1.2710 and 1.2850.
The final 5th minor wave to end at the Major 4th Corrective Wave at trendline resistance , which can be .382 to .50 of Major Wave 3 . So possibly between 1.36 and 1.39. :)