Elliott Wave Analysis of GBP/USD - Long term count updated
In my July 30 - 2019 post (You can read that post by clicking here) I called for a final dip in Cable to 1.0842. Cable did make a new low in wave C of B to 1.1414 and missed my ideal target, but still the direction was correct and the call for one more new low below 1.1950 was spot on.
Since the dip to 1.1414 we have seen Cable recover nicely and has even broken clearly above the ending diagonal resistance-line near 1.3105 indicating a return to the start of the wedge at 2.1161 in about half the time it took to build the ending diagonal. indicating testing 2.1161 within the next 6-7 years.
Near term I expect support to be seen near 1.3276 for a continuation higher to 1.4191.
Only an unexpected break below support at 1.2676 will delay my long-term bullish outlook for a dip closer to 1.2132 before turning higher again. This is not my preferred outlook, but a possibility as long as the new uptrend from 1.1414 is more mature.
Remember the trend and patience are your friends
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