Nov. 9th – GBPUSD

We are waiting for a 5 wave up, 3 wave down structure to signal that indeed (C) is in place and the trend has resumed. The pair has so far made a 3 wave move up and could have made a wave 4 already as well. I have labeled it as a 1-4 however we have no proof yet that this count is correct. It did break the base channel I drew on the chart as is expected for a wave 3.
Today I also added the annual matrix to show that prices found resistance at the matrix level, and might now use it as support before moving up for an expected wave 5 of (1).
For now, we wait to see if we will get our 5 wave move up.