GBPUSD: Elliott wave analysis and forecast for 09.12.2022 – 17.12.2022
Main scenario: consider long positions from corrections above the level of 1.2100 with a target of 1.2674 – 1.2963. Alternative scenario: breakout and consolidation below the level of 1.2100 will allow the pair to continue declining to the levels of 1.1750 – 1.1325. Analysis: the fifth wave of larger degree V presumably finished developing on the daily chart, with wave 5 of V formed as its part. The first ascending wave (1) started developing on the H4 chart, with the third wave of smaller degree 3 of (1) forming as its part. On the H1 chart, apparently, there’s wave (iii) of iii of 3 formed, a local correction
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