GBPUSD – Is It Time To Resume Cable`s Uptrend ?!

This week Cable started by moving towards the upside and reversing directions exactly at the main count`s invalidation point before moving towards the downside exceeding both first and second targets.

We are updating the main count according to the latest price action and as well adding an alternate count which expects Cable to reverse directions and move towards the upside within wave v pink.

As always we will wait for either counts confirmation point to be reached to determine the highly probable count.

6-Hours Main Count

- Invalidation Point: 1.7025

- Confirmation Point: 1.6961

- Downwards Targets: 1.6943 -- 1.6940

- Wave number: (c) green

- Wave structure: Motive

- Wave pattern: Impulse

6-Hours Alternate Count

- Invalidation Point: 1.6961

- Confirmation Points: 1.7096 -- 1.7193

- Upwards Targets: 1.7211 -- 1.7269

- Wave number: (c) green

- Wave structure: Motive

- Wave pattern: Impulse

Main Wave Count

This count expects that wave B maroon is unfolding as a zigzag labeled waves (A), (B) and (C) black with waves (A) and (B) black complete and wave (C) black is unfolding towards the upside.

Wave (C) black is unfolding as an impulse labeled waves 1 through 5 blue with waves 1 through 4 blue complete and wave 5 blue is unfolding towards the upside.

Wave 5 blue is expected to be unfolding towards the upside as an ending diagonal with waves i through iii pink complete and wave iv pink is underway.

Wave i pink unfolded as a zigzag labeled waves (a), (b) and (c) green.

Wave ii pink unfolded as a zigzag labeled waves (a), (b) and (c) green.

Wave iii pink unfolded as a zigzag labeled waves (a), (b) and (c) green with wave (a) green unfolding as an impulses labeled waves i through v orange.

Wave iv pink is expected to be unfolding as a zigzag correction labeled waves (a), (b) and (c) green with waves (a) and (b) green expected complete and wave (c) green is expected to unfold towards the downside.

Within wave (c) green waves i through iv orange are expected complete and wave v orange is expected to unfold towards the downside.

This count would be confirmed by movement below 1.6961.

At 1.6943 wave iv pink will reach 50 % the length of wave iii pink and at 1.6940 wave (c) green will reach equality with wave (a) green.

This count would be invalidated by movement above 1.7025 as wave iv orange may not enter the price territory of wave i orange and it should be noted that the invalidation point will be moved to the end of wave iv orange once we have confirmation on the 6-hourly chart that wave v orange is underway.

Alternate Wave Count

The only difference between both main and alternate counts is within the subdivisions of wave (c) green as the alternate count expects that waves i through v orange within wave (c) green are complete and that wave v pink is starting to unfold towards the upside.

Wave v pink is expected to unfold towards the upside during the next two weeks in a zigzag pattern.

This count would be initially confirmed by movement above 1.7096 and the final confirmation point is at 1.7193.

At 1.7211 wave v pink will reach 50 % the length of wave iii pink and at 1.7269 wave v pink will reach 0.618 the length of wave iii pink.

This count would be invalidated by movement below 1.6961 as within wave (a) green within wave v pink no second wave may retrace more than 100 % the length of the first wave.