EUR/GBP Short term count - As long as minor resistance at 0.8220 and more importantly resistance at 0.8247 wave 2 could move a little lower towards 0.8186 before wave 2 finally is over and wave 3 takes over for a rally towards 0.8600 and maybe even higher. Remember Elliott's rule no. one, that wave 2 isn't allowed to break below the starting point of wave 1, which only leave wave 2 with a little more downside and maximum to 0.8154. This limited downside potential makes the upside potential very interesting.

EUR/GBP Short term count - Limited downside potential

The complex double zig-zag correction from 0.8400 should be close to an important bottom. As long as minor resistance at 0.8220 and more importantly as long as resistance at 0.8247 protects the upside, wave 2 could move a little lower towards 0.8186, but the potential downside risk from here is limited. Remember that Elliott's rule no. one says, that wave 2 isn't allowed to break below the starting point of wave 1, which in this case is at 0.8156.

However, a break above 0.8220 and more importantly a break above 0.8247 will open up the upside potential to 0.8600 and maybe even higher as wave 3 develops making the upside potential very interesting from here.

 

JT
2014-06-23
Its been a pleasure over the years I have been following you and even better as a member the education you provide in my view is invaluable you can read books as I have but to see how you evolve your ...
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
Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane