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Zigzag is about to be formed

17 February 2016, GBP/USD

The considered pair also follows our plan.

In the course of yesterday's trading, the price has fallen sharply, thereby completing formation of a zigzag, formed as the wave ii of the emerging upward impulse.

Under the alternative scenario, the price may get lower, and thus we will get the wave [v] of the downward momentum.

Therefore, in order not get into hot water, we should wait for a sharp surge to open a Buy position with a Stop Loss order being put at the local Low. Meanwhile we just still monitor the situation.

Zigzag is about to be formed

Vasiliy Lukin
FreshForex Analyst
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