Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Correction to the upperside

Correction to the upperside | 20 September 2016

20 September 2016, GBP/USD

Correction to the upperside

Wave Analysis

During the previous trading week, the corrective wave D went higher than expected and even broke above the upper trend line forming top of the wedge. We expect the current downward rally to be the continuation of the impulsive wave E and should be extensive in nature. The current upward rally is a mere corrective sub-wave and should not go beyond the upper trend line. Instead of going short immediately, we wait for bearish candles along the upper trend line to give us low risk sell opportunities. This view an only be invalidated in case the current corrective rally end up above the upper trend line, if the latter is the case, then we expect an acceleration to the upper side. Trade this pair alongside GBP/HKD, EUR/USD, NZD/USD and AUD/USD.

Trade Recommendations

Wait for minor retracements towards the upper trend line to sell this pair with an ideal target along the lower trend line.

Bob Stan
Agree with the review?
Traders' opinion:
Close
Login

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.