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Elliott Wave View: GBPUSD Looking to End Zigzag Rally

October 19, 2021 By

Short Term view in GBPUSD suggests the rally from September 30, 2021 low is unfolding as a zigzag Elliott Wave structure. Up from September 30, wave A ended at 1.3648 and pullback in wave B ended at 1.3542. Wave C higher is in progress with internal subdivision as a 5 waves impulse. Up from wave B, wave (i) ended at 1.3639 and dips in wave (ii) ended at 1.3581. Pair extends higher in wave (iii) towards 1.3658, pullback in wave (iv) ended at 1.3610, and final leg higher wave (v) ended at 1.3674. This completes wave ((i)) of C in higher degree.

Wave ((ii)) pullback ended at 1.3568 with internal as a zigzag. Down from wave ((i)), wave (a) ended at 1.3579, rally in wave (b) ended at 1.3637, and final leg lower wave (c) ended at 1.3568. This completed wave ((ii)). Pair then rallies in wave ((iii)) as another 5 waves. Up from wave ((ii)), wave (i) ended at 1.3644 and wave (ii) dips ended at 1.3586. Wave (iii) ended at 1.3734, pullback in wave (iv) ended at 1.3665, and wave (v) of ((iii)) ended at 1.3773. Wave ((iv)) pullback ended at 1.3707 as a zigzag Elliott Wave structure. Near term, while pullback stays above 1.3707, and more importantly above October 6 low (1.354), expect pair to extend higher in wave ((v)) of C.

GBPUSD 60 Minutes Elliott Wave Chart

GBPUSD Elliott Wave Video


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