GBPUSD - Alternate Wave Counts-Triangle Being Carved Out?

19 בדצמ׳ 2017

The short term structural story continues to zigzag before the final thrust lower in GBPUSD. Have presented a potential triangle count (please note triangle unfold slowly a-b-c-d-e, and each leg consists of 3 sub waves). As labelled here, todays' high could be wave e termination point and also wave (2) of a higher degree. As an alternate though, we have kept the original count intact, which could see GBPUSD carving a lower high below 1.3425/30 levels before terminating into wave (2). To simplify, a sloping triangle is either complete at 1.3420 levels or would carve another lower high. Trading point of view, please remain short, stop above 1.3560 (ideally above 1.3650), target 1.3200, 1.3000, 1.2800 and lower.

Good luck!

Sincerely
Harsh