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wait for minor corrections

wait for minor corrections | 16 May 2018

16 May 2018, GBP/USD

wait for minor corrections

Wave Analysis

Perfectly as previously forecasted, the cable traded steadily to the lower side and is currently below the level 1.35108, we expect the level 1.36235 to have marked the end of the corrective wave b, that the current bearish price rally is the continuation of the impulsive wave c to the lower side and should break below 1.33033 towards 1.20974 or even lower. Ideally, as long as the price is contained below 1.35108, we expect a possible bearish price rally towards 1.33051, if you're not short already, wait for a slight bullish corrections to pick short positions.

Trade Recommendation:

If you're not short already, wait for minor pullbacks to pick short position towards 1.33051.

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Bob Stan
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