We are currently watching the GBPCAD as we could be looking at a leading diagonal.
A leading diagonal consists of five waves, labeled 1-2-3-4-5. Waves 2 and 4 are always corrective, Wave 1 is usually the longest Wave 3 cannot be the shortest among waves 1,3 and 5. Waves 1 and 4 overlap Leading diagonals occur in the position of the first wave of an impulse or wave A of a zig-zag correction.
Any thoughts or comments are welcome, We are currently shorting with our initial target of 1.6900
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