Preferred Elliott Wave view suggests GBPAUD pair is working on a FLAT structure since March lows. Decline to 1.8977 completed wave B. Rally from this level has been choppy and overlapping giving rise to the possibility of a diagonal structure which should complete a higher degree wave ((W)) as a FLAT. Wave 1 of C ended at 1.9768, wave 2 ended at 1.9281 and wave 3 higher is now in progress. We can already see 7 swings up from wave 2 low but we have not yet reached 100% ext of waves 1-2 so we are favouring the possibility of another push higher toward 2.0070 or slightly higher to complete wave 3 as ((w))-((x))-((y))-((z)) structure. We can see that dip to 1.9709 low has been labelled as the 2nd wave ((x)) and as far as this level holds in the pull back another push higher toward above mentioned area is favoured in wave 3. Once wave 3 is complete, the pair should turn lower in wave 4 and make another push higher in wave 5 to complete wave ((W)) flat.
As the arrow is green, we are not interested in selling the pair in proposed pull backs and although we are already in 100% ext area from March lows, as far as pivot at wave 2 low (1.9281) remains intact, further choppy strength would be expected to complete diagonal C and FLAT wave ((W)).
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