GBPUSD Daily Bearish Correction
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GBPUSDGBPUSD Daily Analysis Update
Market is in overall Bullish structure.
In Elliott Wave perspective, price has developed 5-waves bullish move from 20 March 2020 to date. It could be awesome if Wave 5and Wave 1 had a Fibonacci relationship. We see Divergence formed at key level (1.4250) between Wave 3 and 5 Green on price chart
Using RSI (14, 70,30) it appears that 5th Wave has internal 5-waves market 1,2,3,4 and 5 on RSI. Also 5th Wave has internal 5 waves marked i,ii,iii,iv, and v with declining in memontum.
Candlestick analysis shows Bearish engulfing pattern formed by candlestick formed on 31 May and 1 June.
Confluence of evidences above suggest Bearish trade targeting 1.40000 minimum target. However, on Elliott Wave perspective, Depth of Correction guideline may provide better targets.
To your trading success!
İşlem aktif
Short trade very much active.To your trading success!
İşlem aktif
Nice move.İşlem kapandı: hedefe ulaştı
Target reached.I'm Humbled!
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