EUR/GBP - Potential bottom in place

EUR/GBP - Potential bottom in place

EUR/GBP potential bottom in place 

The last part of the correction in blue wave, has transformed into an ending diagonal. As long as important short term support at 0.7849 protects the downside, I will be looking for a break above minor resistance at 0.7894 to confirm, that a bottom is in place and a rally back to resistance in the 0.8046 - 0.8066 area is unfolding. Only a break above 0.8066 will confirm a longer term bottom for a rally towards 0.8400.

If however support at 0.7849 is broken, the rally from 0.7764 only has been in three waves and and new test of this long term important support should be expected.  

Duane
2018-03-03
Hey EWS,

I just wanted to thank you for posting your charts. They are of great help to me. Your charts are a great teaching aid for learning Elliott Wave.

Duane
Jonathan
2017-10-24
Your work is exceptional and glad I found you.
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani