Elliott wave analysis of GBP/USD - Has wave D just ended as a fifth failure at 1.6458?

 GBP/USD Monthly

GBP/USD Daily 

GBP/USD 4 Hourly

 

 

GBP/USD:

 

Looking first at the monthly chart, we can see, that we currently is working on a triangle within a major triangle. If we look at the B-wave triangle, which is developing we have likely just seen wave D at 1.6458 in form of a Fifth wave failure. To prove that Count correct we should soon see a break below support at 1.6393and more importantly a break below 1.6291, which will confirm, that wave E is developing.

 

However, as long as support at 1.6393 stays unbroken we could see one last spike higher towards 1.6514 before wave D is finally in place, but once wave D is done, we should see wave E develop for a decline towards at least 1.5854. E waves can take all corrective shapes allowed even as triangle, therefore we will just have to see what time brings.

 

Only a break above the top of wave B at 1.6747 will indicate, that wave E already is in place and a rally higher towards at least 1.9387 is developing.