GBPAUD Calling The Rally From The Blue Box
Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPAUD published in members area of the
GBPAUD 1 Hour Elliott Wave Analysis 11.22.2019
GBPAUD is correcting the cycle from the 1.85443 low. We are assuming that pull back is unfolding as Elliott Wave Zig Zag Pattern. Decline from the peak was only the first leg (a) blue of wave ((ii)) black pull back. As far as the price stays below (b) blue short term high, we can get another leg down toward Blue Box area: 1.88805-1.87693. At mentioned area we expect buyers to appear for proposed rally or 3 wave bounce alternatively.As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.
You can learn more about Elliott Wave Zig Zag Patterns at our
GBPAUD 1 Hour Elliott Wave Analysis 11.25.2019
GBPAUD found buyers at 1.88805-1.87693 , the Blue Box area. We are getting nice reaction from there so far. At this stage we are calling wave ((ii)) pull back completed as Elliott Wave Zig Zag Pattern. We would like to see further extension higher and break above 11/19 high to confirm next leg up is in progress. Otherwise break below current short term low would open possibility for a deeper correction.
GBPAUD 1 Hour Elliott Wave Analysis 11.30.2019
Eventually we got further separation higher and the pair broke 11/19 high as we expected. Current view suggests we can be ending soon short term cycle from the 1.88709 low as 5 waves structure. We expect to see 3 waves pull back against the 1.88709 soon.
GBPAUD 1 Hour Elliott Wave Analysis 12.2.2019
Short term cycle from the 1.887 low ended as 5 waves structure. The pair is correcting the cycle from the mentioned low. As of right now short term pull back (ii) blue looks incomplete, and we can still get more short term weakness against the 1.8870 low. Anyway, as far as the price stays above 1.88709 low, the pair can remain trading higher within wave ((iii)) as shown on the chart.
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