GBPAUD in an Elliot Wave May Be?

I understand that we should always keep things simply. Unfortunately for me, I have a very curious mind and I’ll always explore new ideas. The positive side of that is, I’ve kept it within Price Patterns only and new exploration this time is Elliot Waves.

As I write this post, I was kicked out of GBPAUD this morning (hey, it only takes one mistake to be proven wrong and I can now switch my views. Was the trade worth it? Absolutely Yes) and something really interesting popped up.

(Click on Image for Larger View)

Walla!!!

Looking at the charts a little more (GBPAUD Daily Chart), I noticed an Elliot Wave pattern forming. A clean and convicted break above the top channel would be a good indication of change in sentiment. The thing is, we don’t know if the trend is going to reverse or continue but according to E Wave, GBPAUD has just completed the 1-2-3-4-5 waves and is in the middle of the A-B-C pattern. I would expect price to move to point B and then continue upwards to C. At that stage, I’ll wait for Price Action to give me a long or short signal.

I must admit, this is not something I trade but the laws of E Waves certainly complements my trading style. So this is something to take note and I will keep track of the progress of this as price continues to unveil itself.

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