GBPUSD Daily Elliott Wave Count
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08/01/18
When trying to figure out correction with The Elliott Wave Theory, there is one thing to keep in mind, they are either 3,7 or 11 swings. When I say swings, I am talking about clear highs and lows as I have it labeled on the chart below.
In the case of the GBPAUD, we currently have 7 swings higher so this correction could be over with An Elliott Wave Zig-Zag in place and the pair heads to new lows below 1.53222. While this is currently possible, I believe we are going to see 11 swings. If we are going to see 11 swings then we need to complete the 8th swing that should hold above 1.7100. After the 8th swing is complete we will need to see two more highs after that for swing 9 and swing 11. Obviously there will have to be a pullback in between for swing 10. The 10th swing would look something like 2,4 or 6, playing out in 3 swing.
At this stage of the game it does not matter because I will still be looking for that swing higher for c of (b) followed by the (c) of x lower. Were it will matter is after the (b) wave up is complete. A more bearish count here would be that (a) is (i) and (b) is (ii) and the expected (c) down ends up being a (iii). This is way you want to get short on this next swing higher. Get a little profit in your pockets and hold on for a possible deep dive below 1.53222.
Keep checking the US Open and Asian Session Elliott Wave updates for the trade set up.
08/01/18
When trying to figure out correction with The Elliott Wave Theory, there is one thing to keep in mind, they are either 3,7 or 11 swings. When I say swings, I am talking about clear highs and lows as I have it labeled on the chart below.
In the case of the GBPAUD, we currently have 7 swings higher so this correction could be over with An Elliott Wave Zig-Zag in place and the pair heads to new lows below 1.53222. While this is currently possible, I believe we are going to see 11 swings. If we are going to see 11 swings then we need to complete the 8th swing that should hold above 1.7100. After the 8th swing is complete we will need to see two more highs after that for swing 9 and swing 11. Obviously there will have to be a pullback in between for swing 10. The 10th swing would look something like 2,4 or 6, playing out in 3 swing.
At this stage of the game it does not matter because I will still be looking for that swing higher for c of (b) followed by the (c) of x lower. Were it will matter is after the (b) wave up is complete. A more bearish count here would be that (a) is (i) and (b) is (ii) and the expected (c) down ends up being a (iii). This is way you want to get short on this next swing higher. Get a little profit in your pockets and hold on for a possible deep dive below 1.53222.
Keep checking the US Open and Asian Session Elliott Wave updates for the trade set up.
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GBPAUD Daily Elliott Wave Count |