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.
Vasiliy LukinAnalyst of «FreshForex» company
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