Friday, July 22, 2016

Elliott wave analysis of EUR/GBP - Break above 0.8427 confirms thrust out of the triangle consolidation


EUR/GBP - Break above 0.8427 confirms thrust out of the triangle consolidation

The small triangle consolidation in wave iv is complete and a break above the top of wave d at 0.8427 will confirm that the upside thrust towards at least 0.8656 and possibly even higher to 0.8750 is developing. 

The thrust higher to at least 0.8656 will complete wave 3 and set the stage for a new correction back to 0.8343. 

In the extremely bullish case the rally to at least 0.8656 only completes wave (i) of 3 and if this is the case the next impulsive rally will be headed for 0.9480. 

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