Hello traders!
Today we want to share GBPAUD and GBPNZD cross pairs, in which we see a completed five-wave bearish cycle that can be followed by a three-wave A-B-C corrective pullback after a broken Elliott wave channel.
In Elliott wave theory, after every five waves, we can expect a three-wave correction before the trend resumes.
(Click on image to enlarge)
As you can see, both GBPAUD and GBPNZD cross pairs are breaking channel resistance line, which is an indication for a completed five-wave cycle and it means that we are now in a three-wave A-B-C corrective rally before a bearish resumption.
(Click on image to enlarge)
Ideal and technical resistance is at the former wave 4, so be aware of a bigger recovery in upcoming days and once a three-wave correction fully unfolds, then we can expect a bearish continuation.
Trade well!
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