GBPUSD EW Analysis - clear impulse to complete wave V

22. Juni 2015

This is an excellent example of an impulse in the GBPUSD. The form is textbook, the third wave is extended, typical of the third wave. Wave iv has bottomed in the vicinity of the previous wave (iv), and we can see two fractals deep into the system. wave IV is a clear corrective abc, so RR is very well defined and the reward is generous. Looking at the bigger picture, this impulse is probably a wave iii of a larger impulse where (I) is lower down in the picture.