EURGBP - Wave Analysis
EURGBP made a really impressive rally as pound weakend significantly all over the board.
Price pushed 1200 Pips to the upside and the trend is still ongoing.
What we can see here is a classic extended Wave 3 where no real deep correction took place.
Wave 3 is most likely to be extended and a nice example why it is important to let the market decide when to get out.
Wave 4 was a classic Zig-Zag correction to the 38% Fibonacci level.
We are now watching wave 5, which should form at least a trunction, but probably a higher high with RSI divergence.
Around this area we will look for a nice strong price action signal to confirm the ending of wave 5.
Price pushed 1200 Pips to the upside and the trend is still ongoing.
What we can see here is a classic extended Wave 3 where no real deep correction took place.
Wave 3 is most likely to be extended and a nice example why it is important to let the market decide when to get out.
Wave 4 was a classic Zig-Zag correction to the 38% Fibonacci level.
We are now watching wave 5, which should form at least a trunction, but probably a higher high with RSI divergence.
Around this area we will look for a nice strong price action signal to confirm the ending of wave 5.
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