GBPCAD Short Term Elliott Wave Update 10.9.2015

Best reading of the cycle suggests that rally to 2.057 ended wave X. From this level, the pair resumed the decline in wave ((w)) as a double three structure wxy where wave w ended at 2.0168, wave x ended at 2.04, and wave y of ((w)) completed at 1.98. Wave ((x)) bounce unfolded also in double three structure (w)-(x)-(y) where wave (w) ended at 1.9946, wave (x) ended at 1.983, wave (y) of ((x)) ended at 2.003. Pair has since resumed the decline lower, and while price stays below 2.003, or more importantly as far as 2.04 pivot stays intact, the pair is expected to resume the decline lower.

GBPCAD  1H20151009083609

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