BUY for LEG C of Zig-Zag (ELLIOT WAVE THEORY)
Major Timeframe
For GBPAUD we seem to be in a Corrective phase after an impulsive move to the downside. The corrective structure seems to be unfolding in a constricting triangle pattern. Within the triangle we seem to be in its final wave which is LEG E. Based on elliot's wave theory a triangle takes form in a (3-3-3-3-3) pattern. And the 3 wave pattern formed are usually Zig-Zags
Minor Timeframe
As mentioned above we are currently in the LEG E of the triangle. Looking at whats formed it seems to be doing a zig-zag pattern for LEG E. Within the Zigzag pattern we are currently in its LEG C. This LEG C should unfold in a 5 wave movement. Within the expected 5 waves movement up for LEG C we are currently completing the Wave 3. We may see some short retracements for minor wave 2's but generally I'm still bullish medium to long term on this pair. My Take Profits would be somewhere along the upper channel / trendline of the triangle.
For GBPAUD we seem to be in a Corrective phase after an impulsive move to the downside. The corrective structure seems to be unfolding in a constricting triangle pattern. Within the triangle we seem to be in its final wave which is LEG E. Based on elliot's wave theory a triangle takes form in a (3-3-3-3-3) pattern. And the 3 wave pattern formed are usually Zig-Zags
Minor Timeframe
As mentioned above we are currently in the LEG E of the triangle. Looking at whats formed it seems to be doing a zig-zag pattern for LEG E. Within the Zigzag pattern we are currently in its LEG C. This LEG C should unfold in a 5 wave movement. Within the expected 5 waves movement up for LEG C we are currently completing the Wave 3. We may see some short retracements for minor wave 2's but generally I'm still bullish medium to long term on this pair. My Take Profits would be somewhere along the upper channel / trendline of the triangle.