Hello Traders, I was doing some wave counting in the 4 hour chart GBP/USD and notice we are currently in the last corrective wave of an expanded flat pattern (Wave C). According to Elliot Wave Fibonacci guidelines wave C retracing points are 1.236(already broken) and 1.618 where it's getting close. RSI & Stochastic are showing some divergence on 1 hour chart as well which indicates a possible reversal.
My long entry set up for this will be once price hits 1.618 fib level and or price breaks above the top parallel channel line.
My long entry set up for this will be once price hits 1.618 fib level and or price breaks above the top parallel channel line.
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