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Gbpaudsignal

GBPAUD BULLS GETTING TIRED. BEARISH REVERSAL AHEAD?Just like the GBPNZD I just published. The weekly chart above puts GBPAUD's entire decline since August 2015 in an Elliott Wave context. The pair’s decline can easily be seen as a five-wave impulse. The pattern is labeled 1-2-3-4-5, where five sub-waves of waves 1, 3 and 5 are also visible. According to the Elliott Wave theory, a three-wave correction follows every impulse. This means the overlapping bullish price action that follows the decline is most likely a complex W-X-Y-X-Z triple three correction within the larger downtrend from 2015 high @ 2.23779. Note how the resistance level, upper trend channel, and 50% Fibonacci level discouraged the bulls in wave Z. This is another indication that the entire 5-3 wave cycle is complete. If this count is correct, we can expect the trend to resume in the direction of the impulsive sequence. Furthermore, the sell-off is supposed to breach 2016 low, so targets below 1.57810 are plausible for GBPAUD in the months ahead. Thanks for Reading!
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by Veejahbee