GBP/USD H4 Analysis

General overview for 28/04/2016:

The corrective cycle in wave 4 is about to be completed, but only if this cycle is a form of (a)(b)(c) Irregular Flat correction. If the corrective cycle will get more complex and time consuming, then it is very possible it will evolve into Triangle pattern.  Nevertheless, for now there is one more wave to the upside missing, wave (v), and the projected minimal target level for this wave is marked as the orange rectangle between the levels of 1.4680 – 1.4717. Please notice, if the level of 1.4357 is violated, then the green impulsive cycle in wave (c) will be invalidated.

Support/Resistance:


1.4717 – WR1
1.4680 – 1.4717 – Target Level For Wave (v)
1.4380 – Weekly Pivot
1.4345 – Green Impulsive Count Invalidation Level
1.4288 – WS1
1.4045 – WS2

Trading recommendations:


Swingtraders should consider to open sell orders from the orange rectangle area with tight SL and open TP for now.

About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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