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gbpusd elliott

The current GBPUSD structure hints to a simple zigzag in cycle-degree wave e.

Primary sub-waves Ⓐ and Ⓑ are fully complete, whereas wave Ⓒ has completed intermediate waves (1)-(2)-(3) and (4).

With correction wave (4) having taken a complex zigzag formation, bulls could lead prices up to 1.378.

At that level, impulse Ⓒ will be at 123.6% Fibonacci extension of wave Ⓐ.

gbpusd

An alternative scenario shows that cycle wave e is a triple zigzag. Sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ are fully complete whilst wave Ⓩ is still under development.

The primary wave Ⓩ consists of an intermediate degree (A)-(B)-(C) correction.

In this case, we could see a decline in the intermediate correction (B) near 1.264. This will be at 61.8%  Fibonacci retracement of wave (A).

After this correction, we expect prices to rise in wave (C) near 1.327.

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