Hello Traders,
$GBPUSD has created points 1,2,3, 4, and is now looking to complete point 5. As always, to define the possible path that price may lead before falling back down I use an AB=CD pattern between points 2-3 and 4-5. In this scenario, I am expecting price to be stopped short of the AB=CD pattern at the 0.114 level. From there I expect the highest probability target to be point 4 (Geo's Off-Set rule #2) and the 1-4 line (not shown on chart) as the next highest level of attainment.
Best,
Chartistry
$GBPUSD has created points 1,2,3, 4, and is now looking to complete point 5. As always, to define the possible path that price may lead before falling back down I use an AB=CD pattern between points 2-3 and 4-5. In this scenario, I am expecting price to be stopped short of the AB=CD pattern at the 0.114 level. From there I expect the highest probability target to be point 4 (Geo's Off-Set rule #2) and the 1-4 line (not shown on chart) as the next highest level of attainment.
Best,
Chartistry
Commento:
Geo's Off-Set rule at point 4 was just missed. This trade is complete.