Elliot wave played out well in the smaller timeframe. Let's check the higher timeframe.
We have finished wave 1,2,3 and we're about to finish wave 4. The complexity of wave 4 makes it difficult to predict where the price will end although it has to finish between 38.2% and 50% of Fib Retracement.
After this wave is completed, we will see a huge move to the...
Wave 3 is almost done. We need a couple more hours to validate the completion of wave 3. Then it comes the wave 4 correction at about 38.2% of wave 3. Then Wave 5 should be the same size as wave 1 of +150 pips.
Second wave stopped exactly at 61.8% after the first impulse. We need to wait till London session to confirm the validity of wave 3. After that, wave 4 will be 38.2% of wave 3; and wave 5 will be the same as wave 1.
Keep watching. This happens on AUDUSD as well on the 30m tf
Next couple candles can determine the direction of the GU pair. It can either continue to the downside to complete the wedge OR continue to shoot up if the neckline holds. It's been a good week for GU with some good news about Brexit. Let's see how it is next week. It will be an amazing week
Price is retesting the previous trendline. The retracecment is also at 61.8% Fib. It also fits the Elliot Wave. The third wave will move sharply to the downside. If the third wave is confirmed, we can take huge profit from the 5th wave.
Wait for the corrective wave to come down to the bottom red line before you buy. This third wave is the biggest wave and it can reach the next support/resistance level. Then we can expect a corrective move to the downside when price retest the 1.24xxx level. Goodluck!
EURAUD seems to be going up again due to weakness in the Euro. In the short term, it is likely to retrace back to the 1.642 zone before trying to go up again. In the lonog term, it is possible for this market to make a double top before it goes back to the other side of the channel.