Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of GBPAUD published in members area of the website. As our members know GBPAUD has been showing incomplete bullish sequence: 5 swing in the short term cycle from the June 4th low. These types of structures usually help us to predict the future path with high accuracy , as we need to have clear 7 swings to complete the pattern. In further text we’re going to take a look at the price charts , explain the forecast and count the swings.
GBPAUD 1 Hour Elliott Wave Analysis 6.1.2018
As we can see on the chart below , short term cycle from the June 4th low is incomplete to the upside. Recently we got break of prevous peak , marked as (w) blue on the chart and now we have clear 5 swings. As of right now the price is at the 0.618-0.764 fibonacci extension area : 1.7747-1.7798. At that area buyers usually take some profits and we expect to get 3 wave pull back against the 1.75312 low. Proposed pull back should be ideally 6th swing. Once it completes, we expect rally again in 7th swing as shown on the chart. The pair is targeting 1.7891-1.7975 area as far as 1.75312 pivot holds. Invalidation for the bullish scenario is break of 1.75312 pivot.
GBPAUD 1 Hour Elliott Wave Analysis 6.14.2018
We got pull back from 0.618-0.764 fibonnacci extension area. As of right now pivot at 1.75312 low still holds. We expect price to make another leg higher to complete 7 swings structure in the June 4th cycle. Eventually the pair produced the rally and reached the target at 1.7891-1.7975 area, where buyers will be taking profit. We expect pull back from there
Note: Market is dynamic and view could have changed in the mean time. You can find most recent charts in membership area of the website.
Keep in mind not every chart is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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