For the past year or so, we have been waiting for GBPUSD to complete the 4th wave triangle and head lower. Here is the weekly chart.

However, wave e of the triangle can take any shape itself. It could be a flat or a triangle. Below are the two scenarios from daily perspective that show a possibility of wave e developing as a triangle.

It doesn't really mater if wave e turns out to be a flat or a triangle, the result will be the same, but the duration of forming a triangle would be longer. A break of 1.51 would signal that wave e is done and we are on the way down to 1.40. Just as a side note, if wave e of the weekly triangle turns out to be a flat, we might go above 1.63 before crashing down. In any case, a break of 1.51 is needed to signal that the triangle formation on the weekly time frame is over and we are headed much lower.

However, wave e of the triangle can take any shape itself. It could be a flat or a triangle. Below are the two scenarios from daily perspective that show a possibility of wave e developing as a triangle.

It doesn't really mater if wave e turns out to be a flat or a triangle, the result will be the same, but the duration of forming a triangle would be longer. A break of 1.51 would signal that wave e is done and we are on the way down to 1.40. Just as a side note, if wave e of the weekly triangle turns out to be a flat, we might go above 1.63 before crashing down. In any case, a break of 1.51 is needed to signal that the triangle formation on the weekly time frame is over and we are headed much lower.