ORBEX: GBPAUD Structure Hints To A Zig-Zag Correction
It looks like intermediate waves W (1.7563) and X (1.85) of the corrective zig-zag pattern have completed their journey.
The corrective intermediate wave X wave ended with a complex combination at a round resistance and between the 61.8FR and 78.6FR of the intermediate wave W
Intermediate W printed a minor a,b,c that most likely ended the first part of the zig-zag. With the second part also completed at intermediate wave X, we could be now expecting intermediate wave Y.
The current structure suggests that the low of this market can reach at least 1.7677, then the W low, and then, after a successful break of W, it could slide lower to complete intermediate wave Y anywhere below. The first stop from there would be the previous low at 1.7187.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
The corrective intermediate wave X wave ended with a complex combination at a round resistance and between the 61.8FR and 78.6FR of the intermediate wave W
Intermediate W printed a minor a,b,c that most likely ended the first part of the zig-zag. With the second part also completed at intermediate wave X, we could be now expecting intermediate wave Y.
The current structure suggests that the low of this market can reach at least 1.7677, then the W low, and then, after a successful break of W, it could slide lower to complete intermediate wave Y anywhere below. The first stop from there would be the previous low at 1.7187.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Comment:
180 pips ITM already and there's more room to move down
Comment:
Neutral now above 1.8280
Comment:
Correction not too deep. Could turn lower again anytime
