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Wait For corrections to go long

07 September 2016, GBP/USD

Wave Analysis:
As previously forecasted, wave (a) traded long as previously forecasted and may still head further to the upper side. Instead of going long right now, we wait for minor retracements to the just broken resistive trend line to give us low risk buy opportunities. Ideally, the anticipated upward rally should be the unfolding of the impulsive wave (b) to the upper side. Expect a similar rally in NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.83 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for price to retrace to the just broken trend line to go long with an ideal target at 1.41114

Graham Osano
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