Wait For corrections to go long
07 September 2016, GBP/USD
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.
Wait for price to retrace to the just broken trend line to go long with an ideal target at 1.41114
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