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)).
At EWF we offer 24 hour coverage of 42 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Click for Free 14 day Trial
Back