EURGBP Short Term Elliott Wave Update 11.20.2015

Short term reading of the Elliott Wave cycle suggests decline to 0.705 ended wave (W) and bounce to 0.7197 ended wave (X). From this level, pair has resumed the decline lower in a double three structure where wave W ended at 0.7038, wave X ended at 0.711, and wave Y is in progress. Internal of wave Y is unfolding as a double three structure where wave ((w)) ended at 0.698 and wave ((x)) is expected to complete at 0.7028 – 0.7043 before turning lower in wave ((y)). As far as 0.711 pivot stays intact during the bounce, pair still has a scope to resume lower towards 0.6913 – 0.695 area to complete wave ((y)) of Y before a larger bounce is seen.

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