Currently in correction

The Sterling is currently in a corrective pattern that will most likely be a flat or combination three. It looks like the  a wave is complete or just about. Since a wave looks to be a three wave affair I expect the b wave to trace short to at least 1.5365 and perhaps as far as 1.5300 before turning long to make the c wave leg of the flat. The zone is indicated by the lines on the graph. I won't try to predict the end of c wave. Normally it would come back to about the terminus of a wave but we will just have to see if that plays out. Once that is over the short trend should resume (assuming it does not become a double corrective pattern) and a good target for the near term short to end would be about  1.5220 to 1.5180. After that zone is achieved, the Pound will go into a larger degree fourth wave corrective pattern. We will analyze that in detail once it has begun.  The longer term trend remains predominatly short.