$GBPAUD Short-term Elliott Wave Analysis 7.22.2016

Short term Elliottwave structure suggests rally from 7/11 low is unfolding as a double correction where wave W ended at 1.763 and wave X pullback ended at 1.731. From there, pair resumes rally where wave ((w)) ended at 1.777 and while pair stays below there in the near term, pair has scope to do another leg lower in (y) of ((x)) towards 1.744 – 1.749 area before the rally resumes. We don’t like selling the proposed pullback and expect pair to extend higher once wave ((x)) pullback is complete in 7 swing as far as 1.731 pivot stays intact.

31GBPAUD 6020160721214654

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer

Back

Subscribe to our Chart Of The Day Blog

First Name: *
Last Name: *
Your Email Address: *