Wednesday, May 25, 2016

Elliott wave analysis of EUR/GBP - The ideal corrective target at 0.7565 is within striking distance



EUR/GBP - The ideal corrective target at 0.7565 is within striking distance

This cross has been correcting in a simple zig-zag correction since the 0.8117. the ideal target for wave C and (2) or (B) is seen at 0.7565, where wave C will be equal in length to wave A. The ideal wave C target is now with striking distance, and we should prepare for a strong upside rally soon. 
With a low seen at 0.7600, we should seen minor resistance at 0.7640 protect the upside for the final decline closer to the ideal 0.7565 target from where a new impulsive rally is expected. If however, minor resistance at 0.7640 fails to protect the upside, then odds favors that a low for wave C was found already at 0.7600 and the next impulsive rally is developing for a rally towards 0.8750. 
Stay tuned for a bottom soon.

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