Short Term Elliott Wave View in EURGBP suggests that decline to 0.8295 on October 18, 2024 ended wave (1). Wave (2) corrective bounce is proposed complete at 0.8447 as the 1 hour chart below shows. Internal subdivision of wave (2) unfolded as a Flat Elliott Wave structure. Up from 10.18.2024 low, wave A ended at 0.8352 and wave B pullback ended at 0.8295. Wave C higher ended at 0.8447 which completed wave (2) in higher degree. Pair has turned lower in wave (3) with internal structure of an impulse.
Down from wave (2), wave (i) ended at 0.8366 and wave (ii) ended at 0.8418. Wave (iii) has resumed lower as an impulse. Down from wave (ii), wave i ended at 0.8388 and wave ii ended at 0.8412. Wave iii lower ended at 0.8414 and wave iv rally ended at 0.834. Last leg wave v lower ended at 0.8305 which completed wave (iii) in higher degree. Wave (iv) corrective rally ended at 0.833. Expect pair to extend lower to end wave v of ((i)). Then it should rally in wave ((ii)) to correct cycle from 11.1.2024 high before it resumes lower. Near term, as far as pivot at 0.8447 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
