EURGBP Cypher, Wolfe Wave Complete at Support - Ending Diagonal?

5 Nov 2015

EURGBP has produced a bullish cypher pattern in addition to a number of other bullish signals. The PRZ of the cypher lies at a major support trendline (see chart below). A bullish Wolfe wave setup has been completed in the same area. Bullish RSI divergence is present and is also oversold at the PRZ. To add to the bullish bias, an unhit cluster of pivots sits above price. I've counted a 5 wave bearish impulse with a possible ending diagonal that could be followed by sharp bullish price action. Target is set at the unhit monthly pivot. SL is placed below trendline support.

Confluence in the PRZ:

• Bullish cypher pattern completion
  
• Bullish Wolfe wave pattern completion
  
• Major trendline support
  
• Unhit pivots above price
  
• Possible ending diagonal
  
• RSI oversold
  
• Bullish RSI divergence
  

D1 Trendline Support:


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