Let's review what happened since last gbpusd update. My target around 1.5325/1.5352 was nicely reached one day after my prediction at may 12th, but... that time I stated that should be taken as a short trigger. How wrong I was...
I have labeled with green numbers the major elliot wave count. We can see that this was the wave three and it's always the longest one. In may 12th we were at the middle, nevertheless, we can appreciate the congestion (or consolidation?) between those days, just for watch market break that resistance level and go higher and higher.
With blue numbers I've labeled a minor elliot wave count. We can see that wave three
reached 2.618 fibonacci level... coincidence? don't think so.
What's happening now? I can appreciate a SHS formation there. What should do? I think that we may go long but we never know for sure.
Things that I have to work with... entry strategies.
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