GBP/AUD Short-Term Elliott Wave Analysis – October 22, 2015
Elliott Wave Forecast | Oct 21, 2015 11:41PM ET
GBP/AUD
Short term Elliott wave view suggests decline to 2.078 ended wave W. From this level, pair is rallying higher in wave ((W)) in double three structure, where wave (W) ended at 2.13, wave (X) ended at 2.102, and wave (Y) of ((W)) is in progress towards 2.155 – 2.167 equal leg area before turning lower. Near term, wave ((x)) pullback is in progress towards 2.13 – 2.1325 area before turning higher towards 2.155 – 2.167 to complete wave ((W)). While wave ((x)) pullback stays above wave (X) low at 2.102, but more importantly, as far as 2.078 pivot stays intact, expect the pair to continue higher towards 2.155 – 2.167 area before turning lower. We don’t like selling the proposed wave ((x)) pullback.
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