GbpUsd ABC bearish correction?
I expect an ABC bearish correction on this pair...This pair has given me 220 pips since last week.
I see a deep cab pattern has formed already, so I expect market reaction to be bearish.
A picture speaks louder than a thousand words. Check the chart below
The wave 5 could be completed because of the following parameters:
1. 1.618 fibo extension of wave 1 from wave 2
2. 1.13 deep retracement of the prior downward move thereby forming a deep crab pattern
3. A resistance trendline
4. A pin bar forming on the daily chart
I expect this bearish move (if it happens) to be an ABC correction which could go deep to 50% ret (at 1.6700), 61.8%ret (at 1.6650) or 1.6600 ofthe upward move from 1.6460.
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