GBPUSD Short-term Elliott Wave Analysis 4.14.2016

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 1.4348, and wave X pullback is in progress to correct the rally from 1.4 in 7 swing before turning higher again. The first three swing correction in wave ((w)) is expected to end at 1.408 – 1.413 area, then it should bounce in wave ((x)) before turning lower 3 more swings to finish wave X.  Once wave X is complete, the pair is expected to resume higher in wave Y of (C).

GBPUSD 6020160413223242

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