Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPCAD Forex Pair published in members area of the Elliottwave-Forecast . As our members know, we were forecasting GBPCAD to trade higher within the cycle from the September 11th low. In further text we’re going to explain the forecast and Elliott Wave Pattern.
GBPCAD 1 Hour Elliott Wave Analysis 10.20.2020
The pair is doing short term pull back against the 1.6904 low. At this stage we assume that correction is still unfolding as Elliott Wave Double three Pattern, also known as 7 swings structure. Pull back is expected to make another leg down in y red of (ii) blue to complete 7 swings before turn higher takes place. At this stage we cannot be completely sure if (ii) is going to end up as Double Three Pattern. As wave x red was very deep, alternatively (ii) can end up as Flat pattern with abc red labeling instead of wxy.
GBPCAD 1 Hour Elliott Wave Analysis 10.21.2020
GBPCAD made another leg down in wave (ii) pull back and found buyers as expected. We got turn higher and now trading higher in wave (iii) . Wave (ii) ended as Elliott Wave Double Three as it shows clear 7 swings. If you want to learn more about Elliott Wave Double Three – 7 swings patterns, we recommend you to check out our Free Elliott Wave Educational Web Page.
GBPCAD 1 Hour Elliott Wave Analysis 11.2.2020
Eventually GBPCAD ended 5 waves in the cycle from the 1.6906 low and now correcting it. Wave (b) pull back looks incomplete at the moment and we expect another leg down to reach 1.7118-1.7015 area. As September cycle is still incomplete , we expect the pair to remain supported and resume rally toward new highs ideally. Buyers should ideally appear in the blue box for a 3 waves bounce at least.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. 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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