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GBPAUD: Saw Sellers At The Elliott Wave Blue Box Area


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GBPAUD: Saw Sellers At The Elliott Wave Blue Box Area

In this technical blog, we are going to take a look at the past performance of GBPAUD, 1-HourElliott waveCharts that we presented to our members.But before looking into the Charts, we need to understand the market nature first.The market always fights between the two sides i.e Buying or Selling. Weat Elliott Wave Forecastunderstand the Market Nature and always recommend trading the no-enemy areas. We called those no-enemy areas which are reflected as blue box areas on our Charts. They usually give us the reaction in favor of market direction in 3 swings at least. Now, let us take a quick look at the GBPAUD Charts and structure below:

GBPAUD 1 Hour Elliott Wave Chart

GBPAUD: Saw Sellers At The Elliott Wave Blue Box Area

The decline from March 18, 2020 peakunfolded in5 waves impulse structurethus suggested that its a continuation pattern. Therefore, wave 4 bounce was expected to fail in 3, 7 or 11 swings.Above is the 1 Hour Elliott wave Chart from 5/29/2020 NY update. In which the decline to 1.8450 low ended wave 3. Up from there,the bounce from the lows unfolded as azigzag structurein a lesser degree cycle. When wave ((a)) ended at 1.8628 high, wave ((b)) pullback ended as a lesser degree flat structure at 1.8457 low.Wave ((c)) was expected to reach the no enemy area at 1.8636-1.8747 100%-161.8%Fibonacci extension area of ((a))-((b)). From there, the pair was expected to resume the next extension lower or to do a 3 wave reaction lower at least.

GBPAUD 1 Hour Elliott Wave Chart

GBPAUD: Saw Sellers At The Elliott Wave Blue Box Area

Heres 1 Hour Elliott Wave Chart from 5/30/2020 Weekend update. In which the pair managed to reach the blue box areaat 1.8636-1.8747100%-161.8%Fibonacci extension area of ((a))-((b)) and got rejected as expected.Allowed our members to create a risk-free position shortly after taking the short positions as per Elliott wave hedging.

If you are looking for real-time analysis in GBPAUD along with other Forex pairs & crosses. Then join us with aFree Trialfor the latest updates & price action.

Success in trading requiresproper risk and money management as well as anunderstanding ofElliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry.

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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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