GBP/USD (Elliott Waves)

[UM_manager]

Here is a EWA variant for GBP/USD. Comments and alternative variants are welcomed

 

[UM_manager]

Current situation

 

[Deptrai]

So you trade Cable profitably using the Elliot Wave Theory? I have found that the theory works best on USDCHF.

 

[UM_manager]

Most of USD pairs are in strong medium-term correlation now (it is 95-98% for EUR and CHF) So, medium-term swings have the same direction

 

[UM_manager]

Current situation

 

[da-net]

In reply to your request for comments.

I was under the impression that EW is always a 5-3-5 pattern, and labeled 1,2,3,4,5 followed by a,b,c followed by 1,2,3,4,5 Also when a B wave is in a contracted or Zig Zag pattern it is labeled a,b,c,b.c And usually this contracted or Zig Zag pattern is not able to be labeled properly until it is fully formed.

In most cases a very low timeframe EW retracement a and c waves will have one wave that is formed properly in 5 sub waves and the other will appear to be a continuous advane or decline without exhibiting the lower timeframe subwaves.

If what I understand to be correct is correct, then your labeling is off which poses the questions.... Can your projections be correct? Should it be used to trade?

 

[tatsimon]

da-net, can u post a chart of your count?

UM-manager, cant the c wave be an ab followed by a 5 wave c...meaning your (2) is B and we are near the end of the decline?

 

[UM_manager]

It can.
I think the decline will continue. We will know the right count very soon.

 

[da-net]

Quote from tatsimon:

da-net, can u post a chart of your count?

For me to show what I see and how I arrive at it I will post 5 JPGs. I always start with the longest possible time frame given the constraints of the platform.

 

[da-net]

This second JPG shows that a proper Fib Retracement may have been reached