Short GBPAUD - EW Ending Diagonal

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A possible EW ending diagonal on GBPAUD indicates a large correction may occur in the upcoming couple of weeks. Bearish divergence has been printed as confirmation of a possible top. If price breaks previous week highs, either the correction has completed or a recount is in order so this area provides a comfortable stop loss. Target 1 should be placed in the previous degree wave four zone around 2.12. A second target may be placed at the Wolfe Wave short target around 2.103. A third target may be placed around the missed daily and weekly pivots of 7/12/15 around 2.08.

Details can be seen more clearly on the 5m EW TF: