Lately a have started to study the Elliot wave and i have found something interesting going on with GBP/AUD that i want to share with you.
1.After a beautiful Wychoff formed at the bottom of the trend, we now that in most of the cases a retest of the newly support zone will occur.
2.The Elliot wave has finished the cycle and along with the parabolic pattern that looks like it s going to be complete i will look in the near future for potential sell zones.
I think it will go up a little bit, making a new high above 1.899 ( maybe make a head & shoulders formation or something ) and the brake out to the support zone at 1.825.
1.After a beautiful Wychoff formed at the bottom of the trend, we now that in most of the cases a retest of the newly support zone will occur.
2.The Elliot wave has finished the cycle and along with the parabolic pattern that looks like it s going to be complete i will look in the near future for potential sell zones.
I think it will go up a little bit, making a new high above 1.899 ( maybe make a head & shoulders formation or something ) and the brake out to the support zone at 1.825.
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