In this technical blog, we are going to take a look at the past performance of EURGBP 4-Hour Elliott wave Charts that we presented to our members. In which, the rally from April 2020 low showed an impulse structure with the bullish sequence tag called for more upside to take place. Therefore, our members knew that buying the dips into the direction of the bullish tag remained the preferred path. We will explain the Elliott wave structure & buying opportunity our members took below:
EUR/GBP 4 Hour Elliott Wave Chart
Above is the 4 Hour Elliott Wave Chart from 8/27/2020 update, in which the pullback to 86.71 low ended wave ((2)). Up from there, the rally higher in wave (1) of ((3)) took place as a 5 wave impulse sequence where wave 1 ended at 0.8814 high. Wave 2 ended at 0.8689 low, wave 3 ended at 0.9054 high, wave 4 ended at 0.8862 low, and wave 5 ended at 0.9175 high.
Down from there, the pair made a pullback in wave (2) to correct the cycle from 4/30/2020 low (0.8671). The internals of that pullback unfolded as a zigzag structure where wave A ended at 0.8936 low. Wave B ended at 0.9148 high and wave C was expected to reach 0.8910- 0.8763 100%-161.8% Fibonacci extension area of A-B. Then from there, the pair was expected to provide buying opportunity to our members into the direction of bullish tag looking for new highs or for minimum 3 wave reaction higher at least.
EUR/GBP Latest 4 Hour Elliott Wave Chart
Here’s the latest 4 hour Elliott Wave Chart from 9/08/2020 update. In which pair managed to reach the blue box at 0.8910- 0.8763 area and rallying higher. Allowed our members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 0.9175 high still needed to confirm the next extension higher. It’s important to note that with further market data, we re-adjusted the count of the pullback as a double three structure.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.