GBP/USD Elliott Wave Analysis (action forex)

EUR/USD:  Wave (B) ended at 1.5145 and wave 1 of (C) ended at 1.1876
Although the single currency rose again after holding above previous support at 1.3164, as euro met renewed selling at 1.3500 and retreated sharply last week, retaining our bearishness and current break of said support at 1.3164 suggests the recovery from 1.2969 has  ended at 1.3500, hence further fall to minor support at 1.3060 would be seen. Having said that, a break of this support is needed to retain our bearishness and signal the correction from 1.2969 has ended, bring further fall to 1.3000, then retest of 1.2969. Looking ahead, a break of 1.2969 support would extend recent decline from 1.4283 top for weakness to 1.2900, then towards 1.2795 (61.8% Fibonacci retracement of 1.1876 to 1.4283) later.
Our preferred count on the daily chart remains that a wave (B) from 1.2329 ended at 1.5145 with A-leg ended at 1.4720, followed by wave B at 1.2457, the wave C from there was also a 3 legged move and is labeled as (a): 1.3739, (b): 1.2885, the wave iii of the 5-waver (c) from 1.2885 has ended at 1.4339 and wave iv is a triangle ended at 1.3878 and wave v formed a top at 1.5145.
The decline from there is a 5-waver (C) with minor wave (i) of I of (C) ended at 1.4218 with wave (ii) ended at 1.4580, wave (iii) ended at 1.3267 and wave (iv) ended at 1.3692 and wave (v) ended at 1.1876, this is also the low of wave I of (C) and wave II has commenced from there with (a) leg ended at 1.3334, hence (b) leg correction ended at 1.2588 and (c) leg as well as wave II has ended at 1.4283.
On the upside, whilst recovery to 1.3300 cannot be ruled out, Friday’s high at 1.3360 should hold and bring such a decline to aforesaid downside targets. Only a daily close above 1.3400/10 would risk another test of resistance at 1.3500, above would bring a stronger retracement of recent decline to 1.3550 and possibly 1.3626 (50% Fibonacci retracement of 1.4283 to 1.2969), however, price should falter well below 1.3781-86 (61.8% Fibonacci retracement and previous resistance), bring another decline later.
Recommendation: Sell at 1.3300 for 1.3070 with stop above 1.3400.

Euro's long-term uptrend started from 0.8228 (26 Oct 2000) with an impulsive structure. The rise from 0.8228 to 0.9593 (5 Jan 2001) is labeled as wave I, the retreat to 0.8352 (6 Jul 2001) is wave II and the rally to 1.3670 (31 Dec 2004) is wave III. Wave IV from there ended at 1.1640 (15 Nov 2005), the subsequent upmove to 1.6040 (July 15, 2008) is treated as wave V, the major selloff from the record high of 1.6040 to 1.2329 (October 27, 2008) signals a correction of the long-term uptrend has taken place with (A) leg ended at 1.2329 and once (B) wave finishes, wave (C) will take euro lower to chart support at 1.1640.
The rebound from 1.1876 calls for an alternate count that only wave III ended at 1.6040 and the (A)-(B)-(C) is wave IV which ended at 1.1876 but above resistance at 1.5145 is needed to put this as our preferred count, then wave V would bring retest of 1.6040.