GBPUSD: Post BoE Wave Count: A Different Way To Look At It

What you see here is my update wave count as to what could be happening. Wave 2's can be notoriously difficult to count since the PA can be very convoluted. Especially when it comes to expanding patterns. They can be very hard to see unfolding until nearly the very end when the "AHA!" moment hits you.

What we have here is a "V" Reversal pattern. V reversals are typically inverse H&S patterns. One aspect of V reversals is that both shoulders tend towards symmetry. In this case, there is a expanding triangle pattern on either side of the V. On the left side expanding triangle, you see what happened after the triangle completed. This can be expected on the right side as well. In either case, unless the count is completely wrong, I don't see any way that prices could continue to the down side from here. At least not for the near time. Maybe after the NFP, it's possible. Again, should prices go down more and break the (2) point (XX point of the Gartley), then my current wave counts will be invalidated and I will need to re-evaluate what is happening from the ground up.

Markets are already hard to predict. More so before the NFP.

This is just another way I have of looking at the chart besides the usual ways. Take it for what it is.