Sunday, April 16, 2017

#EURGBP Weekly Elliott Wave Update

 #EURGBP Weekly Elliott Wave Update

The #EURGBP is showing a 5 wave move up from .6937 for 1 or A and working on a  2 or B down.  Currently we are in the Circle b wave of B and could be a triangle as shown on smaller time frames.  After circle b is finished I am expecting the circle C wave to down to the.7800 to .7500 area before higher.

Note that the RSI has held around the 47 area with each pullback.  A break of the RSI below 47 could be an indication that the move down is beginning.  

EURGBP Weekly Elliott Wave Count