GBP/AUD: Decline To 1.95991 Completed Wave X
Elliott Wave Forecast | Jun 08, 2015 11:05PM ET
GBP/AUD decline to 1.95991, completed wave X. From this level, the pair rallied in wave (w) in the form of a double correction w-x-y, where wave w ended at 2.004, wave x ended at 1.9822, and wave y of (w) ended at 2.00707. The pair then pullback in wave (x) also in the form of a double correction w-x-y, where wave w ended at 1.9915, wave x ended at 2.0017, and wave y of (x) is in progress towards 1.9821 – 1.9858.
We don’t like selling the proposed wave (x) pullback. Expect the pair to turn higher to complete wave ((w)) towards 2.02664 – 2.03709 once wave (x) pullback is complete in 3, 7, or 11 swing as far as 1.95991 pivot stays intact.
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