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Impulse decline is still on

13 June 2016, GBP/USD

I assume that at the moment the wave iii is forming an extension. At this point, this wave is likely to complete formation of the wave 3 of iii.

It says that in the near future we may expect a slight surge boosted by the correctional wave 4. When this correction is over, it will give a favorable starting point for new short positions. Now it is better to stay out of the market and patiently wait for emergence of this correctional wave.

Vasiliy Lukin
Analyst of «FreshForex» company
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