Elliott Wave Analysis & Forecast, GBPAUD, D1, 8th Feb, 2022


Red wave [I] formed on 24th Aug, 2015 by placing long term top @ 2.2368 after that we saw nice rally in 5 red waves [12345] that formed medium term low and also complete wave gray A  of expanded flat correction on 7th Jan, 2021. After we see prices going up to complete second wave of expanded flat correction in  gray wave B. This gray wave B is forming by completing red ABC zigzag pattern in blue Five waves(12345) impulsive rally. The ideal target for gray wave B is near 2.000. (Only breaking above the previous high can invalidate our ideal wave scenario which also force us to recalculate the  pair again but chances are low) Once this gray wave B formed we see another decline in gray wave C, which will also complete the formation of expanded flat in red wave [II].

Trade Recommendation: No trade.




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