Elliott Wave Analysis: EUR/GBP In A Complex Correction
Gregor Horvat | Jul 27, 2016 04:30AM ET
EUR/GBP is still trading in a sideways price action, probably a triangle that could be near completion with current final wave »e« in progress. As such we could be facing a nice rally in seasons to come towards 0.847 area, before making a reversal lower.
EUR/GBP, 1H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Pattern:
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