$GBP/AUD Short Term Elliottwave Analysis 5/27/2015

Decline to 1.8977 completed wave B. Rally from this level is unfolding in the form of 5 waves diagonal to complete wave ((W)) flat, where wave 1 ended at 1.9768 and wave 2 ended at 1.9288. Wave 3 is currently in progress and taking the form of a double corrective structure (w)-(x)-(y). Wave (w) completed at 1.991, wave (x) ended at 1.9841, and wave 3 is in progress towards 2 - 2.0265 before pullback in wave 4 and again one more push higher in wave 5 to complete wave ((W)) flat.

As far as 1.9288 pivot stays intact, the pair is expected to continue higher to complete the 5 waves diagonal. Expect to see wave ((W)) flat to complete in 2.007 – 2.0258 area and some profit taking from this area to correct the pair in wave ((X)) for at least 3 waves lower per Elliott Wave hedging idea.

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