In my previous analysis, price action was favoring for a bigger wave 2 retracement, but with the current drop, which broke bullish market structure, i now favor that wave 2 has been placed and that we're in the early stages of a wave 3, which gives us a warning sign that a big drop is heading for the pound
Here is a zoomed in look at this running flat that i have eyed:
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intraday look at GU.. sweeping the lows and now most likely going for the highs, giving us a nice short opportunity
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Forgot to bring an update here, but here is the chart i posted on twitter. Commentary: nice reaction from the 0.5 fib! think we're all set to test that big resistance now, which will put in our wave "c" for our wave 2. Since the "a" wave was shorter than i expected, i'm not so confident in seeing any higher price than the level that i marked (0.5 fib). Follow me on twitter for frequent updates!
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Hammer time, baby!
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