GBPUSD New week, new Monday, new correction...

Hello!

I called this post "New week, new Monday, new correction...". Sounds like a song title, isn't it? Maybe I should write a song with this title. :)
OK, it's time to work... :)

First I want to answer the question.

Andrew said...

Hello, I'm sorry but how did you recognize the second main target? With the first one is clear... this is the minim of the wave, am I right? but the second (2.0897) can you explain? Thank you
Best Regards!!!

This level is obvious. Take a look at the picture



This level had been defined by the crossing of the Fibo grids. The blue Fibo was placed on the basis of the D1 chart, and the second one, red, was placed on the first part of the movement (it can be defined with the help of the fractals and the ZigZag (on the minor TF)).
The fact is, that I defined this level at the morning of that day, when there was no descending trend at all (see this post).

Now about the current situation.

Here is a picture



I marked out everything on the chart, so there is almost nothing to comment.
I would like to mention, that sharp descending movement, without a correction is almost impossible, to my mind:
1st we have complete bearish 5 wave pattern;
2nd we have divergence.
That is why I'm waiting for the reverse, or correction.

That's all for now.

Good luck in your life and trading!
Remember that forex isn't the one and the only thing in the world. Don't forget to have a rest sometimes.
Don't forget about your private life too. :)

With Best Regards,
Anthony Schneider.