Gbp/Usd : Bottom?

9 באוק׳ 2016

On the weekly chart we can see that from the 1.72 top there are 7 waves down. 7 wave patterns are corrective. The EW corrective wave pattern here is a double three. Inside this double three, waves (W) and (Y) are double threes on their own. Interesting to see is that all waves Y ( on 2 different degrees ) are 76.4% of the waves W before them. Beware when you decide to go long here because the trend is strong to the downside and big surprises like the 2 big spikes down can destroy your account, protect yourself against this. I like buying call/put options when picking tops or bottoms. Best of luck !