$GBP/USD Short Term Elliott Wave Update 5.15.2015

FX_IDC:GBPUSD   British Pound / U.S. Dollar
Decline to 1.5087 completed wave (X), and rally from this level is taking the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 1.5523 and wave ((x)) ended at 1.5351. In yesterday's $GBP/USD Elliott Wave 5/14/2015 update (see related ideas), we said wave ((y)) of W can test as high as 1.5785 - 1.5820.

Current Elliott Wave short term view suggests wave W ended at 1.5815, and the pair has started wave X pullback to correct the cycle from wave (X) at 1.5086. Wave X pullback is taking the form of a double corrective structure ((w))-((x))-((y)), and wave ((w)) of X is currently in progress towards 1.569 - 1.5707, then it should bounce in wave ((x)) before the decline resumes to complete wave X.

Wave X may reach as low as 1.5365 - 1.5451 (50 - 61.8 back of rally from 1.5086), although it can end before that in 3, 7, or 11 swing. Target area for wave X can be better measured as wave ((w)) and wave ((x)) complete later.. We don't like selling the proposed wave X pullback. As far as 1.5086 level holds in the pullback, we expect buyers to appear after wave X pullback is complete in 3, 7, or 11 swing for continuation higher.

Twitter: cmellon1976
Website: http://elliottwave-forecast.com/amember/go.php?r=2670&i=l1
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