In this technical blog we’re going to take a quick look at the past Elliott Wave charts of GBPCAD published in members area of the website. As our members know GBPCAD has ended the cycle from the 1.84172 peak on May 30th. Proposed cycle has ended as 5 waves structure while recovery against the mentioned peak has been unfolding as Elliott Wave Double Three Pattern. Due to 5 waves structure from the peak, we knew the price should ideally find sellers in bounces in 3,7,11 swings.
GBPCAD 4 Hour Elliott Wave Analysis 6.21.2018
As of right now, the pair is correcting cycle from the 1.84172 peak. The price is showing incomplete sequence in the short term cycle from the May 30th low. We’re looking for another swing up toward 1.77328-1.799 area to complete proposed recovery. At mentioned zone the pair should find sellers either for further decline or 3 wave pull back alternatively.
GBPCAD 1 Hour Elliott Wave Analysis 7.6.2018
Eventually the price gave us forecasted leg up and reached reversal area at 1.77328-1.7999. The pair found sellers and wave (B) blue recovery ended there at 1.7778 high . Now as far as that pivot holds, more downside should ideally follow.
As we can see on the chart below, GBPCAD is correcting the decline from the 1.7778. Proposed short term bounce has scope to make Double Three Pattern ((w))((x))((y)) toward 1.7466-1.7566 where sellers should appear again.
We would like to see break below 05/30 low in order to get confirmation that next leg down is in progress.
Keep in mind market is dynamic and presented view could have changed in the mean time. 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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