#GBPAUD short on EW5, bearish 5-0

FX:GBPAUD   British Pound / Australian Dollar
PA broke 38.2, the reversal point is in the middle of 38,2-50.
Be careful of bullish engulfing pattern on weekly. 50% correction around 1.76060. Great chart as always and who knows with GBP this week.
There is one more way to count the wave
What a crazy, never-looking-back correction... Although it could have been aniticipated based on the fact that market was overextended to the downside, while the long-term down trend was not very strong (to support it). So it snapped back up to the upper border of your channel. Now it's due (even overdue) to go down.
fximperija ForceFollower
I agree, since AUD needs a correction too and GBP going into Scotland referendum very weak. However, intense volatility after referendum expected although not likely for Scotland to go independent.
+1 Reply
Hi thanks for your chart. For your count to work price must not go beyond 1.8118 as wave 4 cannot go into the region of wave one. That wave 4 was quite sharp and impulsive and doesnt feel like a 4. Will be keeping an eye on it. Thanks
Exactly, mate. 8063 is the crossing of TLs and fib. arc, expect not to go any higher that that in order to keep things as predicted. However there's good res. around 80 even handle, might not reach the target.
looks good, thanx imperija
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