GBPUSD Short-term Elliott Wave Analysis 4.12.2016

Short term Elliottwave structure suggests that the decline to 1.4 ended wave (B) of a larger degree triangle. Wave (C) rally is unfolding as a double three where wave W ended at 1.4287, and wave X pullback is in progress to correct the rally from 1.4 in 3, 7, or 11 swing before turning higher again. Potential target for wave X pullback is towards 1.411 – 1.4144 area (50 – 61.8 retracement), then as far as 1.4 pivot stays intact during the pullback, expect another leg higher in wave Y towards the equal leg of (B)-W-X to complete wave (C). We don’t like selling the proposed pullback.

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