UPDATE #1:FULL ANALYSIS: GBPUSD - Still Heading Lower Wave (iii)

In my last post on this pair (see Related Ideas: "FULL ANALYSIS: GBPUSD - Still Heading Lower In A Wave (iii)"), I was predicting that this pair would descend in a wavve (iii) continuation. I must admit to being WRONG! Wrong in that I thought it would get rejected by a MAJOR SR Structure and would descend. That didn't happen. In fact, I even issued a SELL trade on this pair here and to my members which ended up costing everyone who followed me -60 pips. Felt bad about that. Sorry, guys!

WAVE COUNT
So here I am now updating what I think is going on here. I still do think that this pair is going to be descending in a wave (iii) just not in the way I thought. It is still in a descending ending diagonal triangle pattern and to complete the wave 3. Right now, it seems to be ascending in a continuing wave iv that is heading back up to the upper TL of the ED.

PATTERNS
There was a bullish pennant pattern that completed and is what fooled me! Prices broke down out of that pennant but ended up being a false break. It quickly broke back up and through the pennant and headed north where it is now. Completion of the pennant patterns profit target puts it right at the upper TL of the ED. In addition, that completion is also a AB=CD pattern.

Of course, the POTENTIAL Crab I talked about before is still valid and is still awaiting completion in which a descent in a wave v after completing the wave iv would complete the wave 3 and the Crab.

MY TRADE PLAN
I am now waiting for prices to reach that upper TL and complete the AB=CD pattern and the pennant patterns profit target. Then I will be looking for a SELL opportunity.

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