Looking at the GBP/USD 1 Day Chart I can see what your thinking.
But your only looking at a Super Cycle here of the Daily.
You could back off of the close view and see a Grand Super Cycle taking place.
Low was 6/12/01 at 1.3682
Waves
1- 10/05/01 - 1.4843
2- 11/23/01 - 1.4044
3- 12/16/04 - 1.9548
4- 11/28/05 - 1.7337
5 - (In the process of completing now top now)
Monarch
But your only looking at a Super Cycle here of the Daily.
You could back off of the close view and see a Grand Super Cycle taking place.
Low was 6/12/01 at 1.3682
Waves
1- 10/05/01 - 1.4843
2- 11/23/01 - 1.4044
3- 12/16/04 - 1.9548
4- 11/28/05 - 1.7337
5 - (In the process of completing now top now)
Monarch
Quoting yungdannyboyDislikedthats what I was thinking, GBP is gonna drop to 1.9340 on Wave C for a 38.2% retracement. But why are some saying that it is gonna keep going up breaking 1.9847(the high) into the 1.2000's???? How can that be possible if it is on Wave 4? I'm trying to learn as much as possible about Elliott Waves.Ignored