The immediate trend in GBP/USD is down, however two
possibilities are arising from the wave count that is either we are in 5th
wave of a leading diagonal or either wave 3 of 3 is already on its way. The invalidation
point for the wave count is 1.69179. If we are in a leading diagonal then wave 5
must end before 1.66169 because wave 3 is already shorter than wave 1 and wave
3 cannot be shortest among waves 1, 3 and 5.
If the next wave is quite strong and it passes our price
target of 1.69179, then the alternative count will kick in that is we will be
in the wave 3 of 3. But at present the important thing is the direction of
trend which is down with a strong probability. The corrective wave we have just
completed was an expanding flat corrective pattern.
Please follow the money management rules along; no
responsibility will be taken by the author.
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