How Farther Will The Cable Dip?

For more about 3 weeks, I have maintained a strong bearish stand on Gbpusd. It has been a very rewarding and relaxing journey. From -70pips to 100pips to 250 pips and yet sitting down and watching how my final target will be hit at 1.4980 to round up a truly rewarding trade of 400pips.

 

If you are a visitor of this blog, you can read my first analysis here and the second here .

 

Now that the power of the ending diagonal has been confirmed and price moved down in a typical impulsive move, minor correction should be expected especially when a strong support is close.

 

My recent intra day elliot wave count shows that price has moved and making the second minor retracement (wave 4).

 

I expect price to move down from there to test the support zone indicated at 1.4950-1.4990.

 

If price doesn't penetrate the support in high momentum, price will consolidate or retrace.

 

Price is the key and the king. 

 

I will update you here