GBPUSD Short Term Elliott Wave Update 6.18.2015

Revised view suggests rally from 1.5169 is unfolding in a double correction structure W-X-Y where wave W ended at 1.5554 and wave X ended at 1.5419. Wave Y is in progress and unfolding in a triple correction structure ((w))-((x))-((y))-((x))-((z)) where wave ((w)) ended at 1.56, wave ((x)) ended at 1.5484, wave ((y)) ended at 1.5756, second wave ((x)) ended at 1.5675, and wave ((z)) is in progress towards 1.587 – 1.5988 to complete wave (W).

Expect some profit taking from 1.587 – 1.5988 area and the pair to pullback in wave (X) in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. We don’t like selling the proposed pullback in wave (X). As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.

GBPUSD 6020150617220613

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