Hello fellow traders. In this technical blog we’re going to take a look at the past Elliott Wave charts of GBPCAD published in members area of the website. As our members know, GBPCAD have had incomplete bullish sequences in the 1 Hour cycle, suggesting further rally. Consequently, we advised clients to avoid selling the pair and keep on buying the dips in the sequences of 3,7,or 11 swings whenever there was an opportunity to do so. The pair was targeting 1.7949 + area according to Sequence Report.
Now, let’s take a quick look at 1 Hour chart structure of GBPCAD and explain Elliott Wave pattern and forecast.
GBPCAD 1 Hour Elliott Wave Analysis 3.1.2018
As we can see on the charts bellow, wave ((b)) black pull back is in progress. Pull back is unfolding as Expanded flat structure, when its subdivisons are labeled as (a)(b)(c) blue. Short term view suggests we’re still in (c) blue leg that can give us another marginal push down to complete pull back. The price pattern is missing another leg ideally to complete 5 waves in (c) blue leg. Although the price has already reached the equal legs at 1.7654, we still expect to see another push toward 1.236 Fibonacci extension to complete ((b)) pull back. Anyway the pair is already at the reversal area :1.7654-1.75611 ( buying zone) . At that area buyers should appear for further rally ideally. We don’t recommend selling it and favor the long side. Invalidation for the long trades is break below 1.618 Fibonacci extension : 1.75611 level.
GBPCAD 1 Hour Elliott Wave Analysis 3.7.2018
We got proposed push lower toward 1.236 Fibonacci extension. The pair has found buyers there and gave us nice rally, reaching its first target at 1.7949. As far as 1.76153 pivot holds we can see more short term strength. Keep in mind market is very dynamic and short term view could have ended in meantime. If you’re interested in new Elliott Wave charts and trading setups you can find them in the membership area of EWF.
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