Elliott Wave Analysis on GBPUSD and GOLD

22 June 2016, 19:06
Sherif Hasan


GBPUSD is trading higher in front of the Brexit vote. This move up is close to completing a five wave structure from blue wave B lows. For now we still expect a minor pullback in red wave 4) and a push up in red wave 5 to around 1.4840 area. The current correction in wave 4) may find its support around 1.458 region, of a formal wave 4, where a new turning point may happen.



On the intraday chart of GOLD, this latest turnaround we believe is a corrective retracement labeled as A-B and C which can find its support around 1260 region. For now, we have seen a sharp impulsive fall labeled as A, and its contra trend overlapping price action labeled as an unfolding wave B, which could be a triangle in the making. This is a continuation pattern that can, after its completion, push prices lower into wave C.


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