Currency pair : GBP/USD.
Cable has started its new wave and we could see it reached our 1st target from last GBP/USD Elliottwave Signal :-
Currency Pair = GBP/USD
TimeFrame = Daily
Signal = BUY advice at 1.9700 area.
Risk Reward Ratio = 9.XX
Target for Subminuette Wave3 at 2.0095 area.
However there is a possible higher target of the next wave degree at 2.0230 area, which is in wave 5 of Minuette and wave3 of Minute.
On Last Signal advise,I put a buy seignal around 1.9700 area and a target at end of Subminuette at 2.0095 area with a good RRR of 9 point.
Cable are now hovering at 1.9840 area which rewarded a 100+ point if you catch my first signal.
With current GBP/USD move,I will provided a second GBP/USD Elliottwave signal :-
Long term trade.
TimeFrame = Daily.
Signal = Buy market advise with a stop at 1.9680.
Risk Reward Ratio = 5.0
Target Profit for Minute Wave3 at 2.0300 area.
Longger term target would be at 61.8% fibonacci at 2.0600 area.
Possible of next Elliottwave :-
Ellottwave Extension wave 3.
With current low at 1.9700 area we could assume that the low is the 4th minor wave.
This wave also hit Elliott bigger wave 3 channel,next pattern has been defined as a trend pattern in which bigger wave 3 is extended.
With the internal retrace of first wave at 60% and the second wave reached 60% this is
give a support to our next elliottwave pattern.
If next wave 3 is extended,then next wave 5 should equal to wave 1 in time and price manner.
Often the extension is preceded by a failure ar an expanded flat in the previous wave C.
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