GBPUSD Elliottwave Technical Analysis: Downtrend Resume

GBPUSD Elliottwave Technical Analysis: Downtrend Resume

16 December 2015, 02:20
hoagtrading
0
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Talking Points:

  • GBPUSD Technical Strategy: Neutral
  • Elliottwave Count: We re-evaluated our count after confirming a-b-c correction count and rejecting primary analysis of bullish count

Current price action confirm our bearish count. As per our last analysis, we were have both possibility open and was tracking bullish count as a primary count. But after bullish channel breakout, we are forced to eliminate our bullish count and consider our bearish count. we had a nice reversal from wave point c and bearish trend. we were expecting trend line breakout and targeting above 1.5350. New count suggest downtrend resumption, and can see more downside in coming days.

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