GBPAUD was indeed in an Elliot Wave

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After my article on GBPAUD on Thursday, I’ve decided to track the progress of the Elliot Wave formation on this currency pair.

On my last article, I was expecting Wave B to form a (slightly) higher low and Wave C to end higher. What I didn’t realise at that point was that Wave B has been completed when I wrote that article and this was only clearer when I looked at the 4 Hr chart.

Another mistake that I spotted was that the Wave 1 and 2 (on my last article) did not meet the Cardinal Rules of an Elliot Wave – which states Wave 2 can NEVER go beyond the start of Wave 1. Apart form that, GBPAUD did look like a decent Elliot Wave and the end of Wave C did mean that the Trend looks like it’s going to continue south.

As mentioned, Elliot Waves looks very interesting and it might complement my own trading style.

🙂

Thank you and Happy Trading!

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