By: Fadi Steitie
Currency: GBP/USD
Trend Expected Direction: Down
Strategy: Elliott Waves and Fibonacci Trading.
Description: This is a large ABC correction. (Not shown). Motive wave A has been completed on 25 November last year, and went into wave B which was a flat correction with a triple ZigZags separated by three X's completed on 29 Dec of last year also. Last Zigzag The third finished on Jan, 3 followed by a motive wave i as shown in chart. I do expect now a minor correction simple or complex pulling back toward 0.618 fib level or at 1.55565 to complete wave ii before we ride down into wave iii, iv, and v. I will short the currency for a further drop and will decide on final target once trend complete wave iii.
Action: Short the pair
Target Area: Open
Stop Loss: 1.5600
