GBP/USD Correction - Then Bang
GBP/USD looks to have finished motive wave up.
Looks for correction, current idea is to collect around 500pips on Zigzag correction C wave down. Wave A seems to have a 5 wave structure, potential wave B seems long but still plausible, waving for heavy rejection and RSI/MACD divergence.
Entry 50% retracement.
SL above 61.8 and resistance zone.
TP just before 100 fib extension. Targeting 500 pips.
Correction can be followed by 5 wave structure to the top side shortly after. Wait for wave 2 completion and ride wave 3,4 & 5.
Looks for correction, current idea is to collect around 500pips on Zigzag correction C wave down. Wave A seems to have a 5 wave structure, potential wave B seems long but still plausible, waving for heavy rejection and RSI/MACD divergence.
Entry 50% retracement.
SL above 61.8 and resistance zone.
TP just before 100 fib extension. Targeting 500 pips.
Correction can be followed by 5 wave structure to the top side shortly after. Wait for wave 2 completion and ride wave 3,4 & 5.
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