In this blog, I want to share with you some Elliott Wave charts of EURGBP which we presented to our members recently. You see the 1-hour updated chart presented to our clients on the 03/09/19. The higher degree trend of the pair is to the downside. So our members know that the right side is to the downside. Consequently, we advised members that we do like the selling of the EURGBP.
EURGBP ended the cycle from 02/14/19 peak in black wave ((w)) at 02/27/19 low (98.96). Above from there, we expected a bounce to occur in black wave ((x)). The bounce unfolded in an Elliott Wave Zig Zag correction structure. We advised members that EURGBP should continue lower and that we wanted to sell the pair. Therefore, we expected sellers to appear in the sequences of 3, 7 or 11 swings. At the 100 – 1.618 Fibonacci extension of blue (a)-(b) which came at around 0.86531-0.87263 area and that was the first area for selling the EURGBP for us with a potential stop loss above 0.87274 invalidation level.
EURGBP 03.09.2019 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart. You can see that the EURGBP reached the blue box area. So we opened a short position at the blue box (0.86531). The pair extended a little bit into the blue box but then it reacted nicely lower. Any trades from our blue box area shown in the chart above were risk-free, which means the stop-loss should be moved to break even, looking now for another extension lower. Please keep in mind that the 1-hour chart which I presented has changed. This blog should just illustrate how accurate our blue boxes are, and how our members trade our 3-7 or 11 swings strategy.
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EURGBP 03.11.2019 1 Hour Chart Elliott Wave Analysis
