GBPUSD Long: But The Drop Is Not Complete

17. Sept. 2016

Hey Traders! Long night... Here is a quick update. This is a great example of why EW analysis will aid in your harmonic pattern entries. We know that the bearish impulse is not complete and the bullish reversal has not yet begun. This can be seen clearly by a series of bearish impulse waves that have not yet completed a 5-wave pattern. Therefore, it would not be wise to set a limit at the .886 level or 1.13 level to enter a bat or alternate bat pattern toward a bullish target... YET. Instead, wait for the (c) wave to complete followed by a 5 wave BULLISH impulse on a lower TF and enter on the pullback. Wait for the market to come to you...

I will provide updates as the tide rolls... Happy trading
GM