Let’s discuss the price chart of the GBPUSD currency pair based on the 480 minute timeframe.
From the Elliott Wave perspective, Wave (2) has completed and Wave (3) is in progress. The price has just breached the low of Wave (1) and pulled back for a re-test.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, topped on April 5 (red vertical line), and is projected to form a bottom on May 16th.
Based on this, we can expect prices to begin to accelerate lower. The typical target for Wave (3) is a 161% Fib projection of Wave (1), which should push price down near the 1.2775 level.
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From the Elliott Wave perspective, Wave (2) has completed and Wave (3) is in progress. The price has just breached the low of Wave (1) and pulled back for a re-test.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, topped on April 5 (red vertical line), and is projected to form a bottom on May 16th.
Based on this, we can expect prices to begin to accelerate lower. The typical target for Wave (3) is a 161% Fib projection of Wave (1), which should push price down near the 1.2775 level.
If you find this analysis useful, make sure to press the “Like” button and Follow us.