Hi Pipeye,
I do not normally trade Cable, so my charts are not kept 'in tune'. I only look at EUR/USD, oil, S&P, as swing trades, mid term. But I gave it a quick evaluation. I see GBP in a triangle as well, wave A is a double zig-zag like Euro I assumed, and the rest counts easily. If this is the correct count, wave E is near complete now - I would expect another push higher with a false break to the top side, then the start of wave V down.
On your chart, wave 4 significantly overlaped wave 1, which breaks one of the three rules. Sometimes this can be the case in a diagonal triangle, but I don't see it in that form, I could easily be wrong. Always best to consider the alternative and welcome valid counts. The key is knowing how to eliminate or lower some counts, and ideally get to just one before entering the trade. For me that is an "8-cycle" (a 5 followed by a 3 retracement).
I do not normally trade Cable, so my charts are not kept 'in tune'. I only look at EUR/USD, oil, S&P, as swing trades, mid term. But I gave it a quick evaluation. I see GBP in a triangle as well, wave A is a double zig-zag like Euro I assumed, and the rest counts easily. If this is the correct count, wave E is near complete now - I would expect another push higher with a false break to the top side, then the start of wave V down.
On your chart, wave 4 significantly overlaped wave 1, which breaks one of the three rules. Sometimes this can be the case in a diagonal triangle, but I don't see it in that form, I could easily be wrong. Always best to consider the alternative and welcome valid counts. The key is knowing how to eliminate or lower some counts, and ideally get to just one before entering the trade. For me that is an "8-cycle" (a 5 followed by a 3 retracement).