GBPAUD BEARISH TRADE IDEA UPDATE
I projected a double zigzag In my previous analysis due to the nature of wave (a) of the correction. Fortunately, the confirmation level was not triggered and the market rally higher to complete a five-wave cycle in wave (c). The five-wave suggests that the whole correction is a simple zigzag pattern.
Price has made a deep correction that terminated at 78.6 Fib and the wave (c) also equal (a) within the blue zone. Price is expected to resume the bearish sell-off in wave 3 from or near this level while the invalidation zone remains intact.
Once the price breach the confirmation level, the invalidation level will be high at 78.6 Fib area.
What's your thought on GBPAUD?
Price has made a deep correction that terminated at 78.6 Fib and the wave (c) also equal (a) within the blue zone. Price is expected to resume the bearish sell-off in wave 3 from or near this level while the invalidation zone remains intact.
Once the price breach the confirmation level, the invalidation level will be high at 78.6 Fib area.
What's your thought on GBPAUD?
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.