Capital Trust
Capital Trust
images

Dec 11, 2016

01:00 AM EDT


  • New York close
  • London close
  • Tokyo close
  • Sydney close
Market Analysis

Home » Technical Analysis » Daily » GBPUSD » GBPUSD Short-Term Elliott Wave Analysis – June 19, 2015

GBPUSD Short-Term Elliott Wave Analysis – June 19, 2015

Posted by EWF in GBPUSD - June 19th, 2015 2:11 am GMT

chart1

The current short-term Elliott Wave view suggests rally from 1.5169 is unfolding in a double correction structure W-X-Y where wave W ended at 1.5554 and wave X ended at 1.5419. Wave Y is in progress and unfolding as a triple correction structure ((w))-((x))-((y))-((x))-((z)) where wave ((w)) ended at 1.56, wave ((x)) ended at 1.5484, wave ((y)) ended at 1.5756, second wave ((x)) ended at 1.5675, and wave ((z)) is in progress towards 1.5937 – 1.612 to complete wave (W).

Expect some profit taking from 1.5937 – 1.612 area and the pair to pullback in wave (X) in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. The alternative view suggests wave (W) is already complete at the last high 1.593 and the pair is already in wave (X) pullback. We don’t like selling the proposed pullback in wave (X). As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.

If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.

Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

No comments yet.

You must be logged in to post a comment.

Forex, Commodities, Indices

Daily Updates

Daily Updates


Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.