Short term Elliott Wave View in GBPAUD suggests the rally from 9.26.2022 low is unfolding as a zigzag Elliott Wave structure. Up from 9.26.2022 low, wave ((A)) ended at 1.8199 and pullback in wave ((B)) ended at 1.7456. Pair resumes higher again in wave ((C)) which subdivides into 5 waves impulse Elliott Wave structure in lesser degree.
Up from wave ((B)) low on 11.14.2022, wave ((i)) ended at 1.7571 and pullback in wave ((ii)) ended at 1.746. Pair then resumes higher again in wave ((iii)) towards 1.8, and dips in wave ((iv)) ended at 1.787. Final leg higher wave ((v)) ended at 1.8068 which completed wave 1 in higher degree. Pullback in wave 2 is unfolding as a zigzag Elliott Wave structure to correct cycle from 11.14.2022 low before the rally resumes. Down from wave 1, wave ((a)) ended at 1.7794 and rally in wave ((b)) ended at 1.7941. Expect wave ((c)) lower to complete at 1.749 – 1.766 area which is the 100% – 161.8% Fibonacci extension of wave ((a)). As far as pivot at 1.745 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
