GBP/USD - Long Term Working Count
This count has been my preferred count for a long time and has worked well. Wave E of the triangle became very small, but I have seen this many times. E-waves of triangles should always be treated carefully. This count calls for a rally in wave C higher towards 193.91 longer term.
It's possible to make a case where wave E of the triangle ended at 1.4809 and if this is the case, then wave (C) will only make it to 1.8350, where wave (C) will be equal in length to wave (A), but that is still a powerful rally from here. Could wave (C) be just 61.8% of wave (A)? Yes it's possible, if this is the case wave (C) would only make it to 1.6997 and that would be below the top of wave (A) at 1.7042, which makes this option very unlikely.
This count shows that we possibly could be in the last wave higher from 1.4809. As we have already broken above the 100% target of wave (i) I will be looking for a continuation higher towards the 38.2% target of the distance travelled from the bottom of wave (i) at 1.4809 to the top of wave (iii) at 1.6603 added to the bottom of wave (iv) at 1.6248 and that would call for wave (v) at 1.7239. If however, wave (v) becomes 61.8% of the distance from the bottom of wave (i) to the top of wave (iii) that would call for a continuation higher towards 1.7714, which is pretty close to the 1.8350 target, but not quite there. So how could we make it to 1.8350? If the next corrective pattern becomes an expanded flat, where wave B rallies above the starting point of wave A the target at 1.8350 could be reached and satisfy the longer term pattern.
Will just have to see how the waves unfold and which count proves correct, but remember the trend is your friend.
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