Elliott Wave Analysis of GBPUSD: Exclusive Members

Hello,

There have been some requests for updates in GBPUSD. However, I could not post them here earlier because they were being shown to the members of the Exclusive Club.
I am posting three of the charts now, and will post the complete thread once the trade is closed.

As you can make out, it was possible to identify key levels and direction using Elliott Waves. The last chart shows a sell level around 1.5340, and the Pound reached 1.5319. The target was 1.5080 and it reached 1.5073. There is more on the other website, but I will post those afterwards.
GBP 18Feb13
GBP 20 Feb
gbp 21Feb13



5 Comments

  • John Yde

    Hi Ramki,
    Tried to send you this on Tuesday but seems something went wrong.
    I cannot see your long term count from your above analysis, but the almost textbook triangle over nearly four years after the 1.35 low in March 2009 should ultimately guide cable below this 1.35 low. IMHO the long term risk is clearly, that GBP/USD could eventually threathen the 1985 low of 1.0520 as the dollar strength further extends (and pound weakens) due to the long term cycle which according to my analysis should work until 2016. All the best.

    • Hi John, I did approve your prior comment (these days, I am looking at the comments only on my weekends, so there is a slight delay). Regarding the longer term count, GBPUSD is currently part of an ongoing trade in my Exclusive Club, and it is only fair to the members of that group that I wait till the trade is finished before posting the counts on this blog. Hope you understand.

  • Basem

    Hi Ramki,

    Might I ask you please why you started wave 1 count on GBPUSD trade from 31012013 and not from 31122012 which is the higher level?

    Thanks

    Basem

    • HI Basem, If you browse through various posts and comments on this blog you will soon realize that my approach to Elliott Waves is different from most others. I tend to use EWP to help me in my trades. The emphasis is not so much on being accurate with wave counts because Elliott Wave counts are always a work-in-progress. One should learn how to use the wave principle to trade effectively, to keep risks under control, and take advantage of moves that turn out to be right. So I retain the ability to change my counts to suit my trading objective. Also you will do well to learn that a majority of wave counts will be proved wrong sooner or later (including mine). Success is measured by how you deal with the markets in the interim!

  • Jete

    Great Ramki……what’s next?. It seem the movement of GBPUSD have the same pattern with AUDUSD?

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