Please refer to that article for detailed explanation to avoid repeating here and for proper context in terms of time and event it related to
However for ease of reference and tracking future price action and trade planning by Tradingview community I am reposting the main chart and snapshots here.
Warning: This is my interpretation of price action using TA approach that I consider helps me most5 but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.
Thank you for taking the time to read my analysis.
Really enjoy the analysis Dan. TQ.
Just a thought that I'd appreciate an opinion on: If we are in a wave (c) of and abc zigzag could we not expect the Pound to in fact reach some truly awful levels against the USD?
DanV
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Thank you for your comment and I am glad you found it interesting.
Regarding your chart with wave 'C' which has wave 3 labelled with 5 sub waves would mean that it is not an ending diagonal of 3-3-3-3-3 configuration as I am suggesting but 5-3-5-3-5 cycle. You could be right on this and in that case there might be more downside potential. However, I have struggled in clearly counting the wave 1 with subdivision of 5 minor waves. It could qualify as such if you consider it to be leading diagonal. But the wave ‘i’ of 1 looks very disproportional as shown in the snapshot.
If your suggestion is correct, then your wave 3 would have to be longer than you have shown other wise it could become shorted compared with wave 1 and 5. So some uncertainty remains. It will only become clearer with further price data.
Thank you for sharing and excellent effort nevertheless.
UnknownUnicorn251843
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Appreciate the feedback and will enjoy watching it answer our questions in the coming weeks and months. GBPUSD to me is a truly fascinating pair.
DanV
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It will be very interesting indeed.
mkdeep04
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h iDanV any updates on gu... i have posted weekly chart based on long term view... potensal of AB CD tgt ..
Dan how u keeping.. not seem any new post from u... i hope all is well
DanV
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Hi All is well thanks for asking. You could be right in wave 3 might have completed or is near complete. Not sure if we will get much of a bounce for wave 4. or just midways range as DXY is in strong uptrend at present. The chart is little cluttered but this is what I mean with DXY
UnknownUnicorn251843
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Very interesting chart. Thank you.
emma2474u
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I am highly impressed and happy the more, the chart is exactly what I got from my desk....so, to achieve this , it is a matter of patience...Thanks Dan V
Just a thought that I'd appreciate an opinion on: If we are in a wave (c) of and abc zigzag could we not expect the Pound to in fact reach some truly awful levels against the USD?