GBPUSD Short-term Elliott Wave Analysis

By: Elliottwave-Forecast | Thu, Apr 14, 2016
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Short term Elliottwave structure suggests that the decline to 1.4 ended wave (B) of a larger degree triangle. Wave (C) rally is unfolding as a double three where wave W ended at 1.4348, and wave X pullback is in progress to correct the rally from 1.4 in 7 swing before turning higher again. The first three swing correction in wave ((w)) is expected to end at 1.408 - 1.413 area, then it should bounce in wave ((x)) before turning lower 3 more swings to finish wave X. Once wave X is complete, the pair is expected to resume higher in wave Y of (C).

GBP/USD Elliott Wave Analysis Chart
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Author: Elliottwave-Forecast

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