GBPAUD Stopping For A Three-wave Drop - Elliott Wave Analysis
Hi traders,
GBPAUD made sharp and impulsive rally, so it must be a wave 3. Currently we are tracking a three-wave a-b-c pullback within wave 4, where we see very nice and strong support at previous wave 3) swing high, 38,2% Fibo. retracement and very important 1.8400 psychological level. That said, be aware of a bounce around projected support, while price trades above 1.8200 invalidation level.
GBPAUD made sharp and impulsive rally, so it must be a wave 3. Currently we are tracking a three-wave a-b-c pullback within wave 4, where we see very nice and strong support at previous wave 3) swing high, 38,2% Fibo. retracement and very important 1.8400 psychological level. That said, be aware of a bounce around projected support, while price trades above 1.8200 invalidation level.
Note
UPDATE: GBPAUD went slightly different as we expected, but the idea remains the same. Still points towards 1.88 or higher..Note
UPDATE2: Nice bounce from projected support area! Now we should be aware of more upside for wave 5 towards 1.88 or higher.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.