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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