GBPUSD Daily Elliott Wave Count
The Daily Elliott Wave count is showing the details of the 1 - 2, circle i - ii with two more nested 1 - 2's in the mix indicating a strong move down ahead. A move above 1.34089 would invalidate this count and wave (ii) is probable not complete or the alternate count on the weekly is playing out.
Target down for the (C) wave is .95000
Price on the #GBPUSD is below the 200 period SMA and the RSI is below the 50 indicating sell only strategies on the daily charts.
GBPUSD Daily Chart
GBPUSD Weekly Elliott Wave Count
On the weekly Elliott Wave count I am showing and ABC down with (B) complete and wave (C) in process. For the (C) wave I am showing waves 1-2 and Circle i-ii complete and working on circle III of 3.
If we look at the RSI right below the Jan - 2015 date you will see that most of the momentum so far has been in the 1st wave. The momentum should be strongest in the 3rd wave so either we have a very strong move down coming or the Alternate count is in play and we are near a bottom and ready to move higher in a Y wave to complete (B). The Alt: Y of X can not be and ending or leading diagonal because wave three would be the shortest.
Price on the GBPUSD is below the 200 period SMA and the RSI is below 50 indication sell strategies only on the weekly charts.
Weekly GBPUSD Chart