Elliott Waves are a straightforward way to create a framework for multi-time frame analysis. With the benefit of hindsight, it is always easy to come up with the perfect technical analysis when using EWT counts, but it becomes much more difficult when trading the right edge of the chart. On the higher time frame charts, it appears that we have made a couple of impulsive moves lower in the GBPUSD, which means in a 5 wave structure we should expect one more to close out the peak. Traders may view 2016 to present-day market structure as an accumulation period, which sets up a base before we move higher. This is what makes a market. In this video, I describe all of the market structures and levels that I need to see price action close beyond to confirm my next move. Currently, momentum is in my opinion dragging price action lower, so I am looking for areas on the chart to sell the rips. As price action develops, I will be happy to change my opinion.
For more trading details, please check the hyperlinks with time stamp indicated from the video: