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EURGBP Opened Further Extension Down in 7th Swing



Hello fellow traders.  Another instrument that we have been trading lately is EURGBP . In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURGBP , published in members area of the website.  As our members know, EURGBP has incomplete bearish sequences in the cycle from the 08/28 peak. Consequently, we advised members to avoid buying the pair and keep on selling the rallies in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Swing Count and Trading Setup.

EURGBP 4 Hour Elliott Wave Analysis 11.08.27.2018

On Nobember 7th EURGBP broke previous 10/10 low and made bearish sequences . Cycle from the 0.90976 peak looks incomplete now, calling for further weakness. We can count clear 5 swings from the 0.90976 peak.  We expect bounce in 6h swing from blue box( 0.8704-0.8648), before further decline resumes in 7th swing. Although we expect bounce wave ((x)) to happen,  we don’t recommend buying it against the main bearish trend. Strategy is waiting for the bounce to occur before selling short term rallies in 3,7,11 swings .

EURGBP 1 Hour Elliott Wave Analysis 11.12.2018

We got expected bounce from the blue box. Short term recovery has made clear 3 waves and reached the equal legs at 0.8744-0.8776 ( sell zone). We expect further decline from the ideally or pull back in 3 waves at least.  The pair remains bearish against the 0.89395 . We don’t recommend buying it and favor the short side.

EURGBP 1 Hour Elliott Wave Analysis 11.13.2018

EURGBP has found sellers at blue box :  0.8744-0.8776 . Eventually the pair has made new short term low, confirming 7th swing down is in progress. Now we have incomplete bearish sequences in the short term cycle from the 0.89395 peak as well, confirming further extension down ideally.

Note: We have removed some labeling in order to protect clients’ priviliges. Keep in mind market is dynamic and presented view could have changed in the mean time. Not every chart is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.

 

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