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Friday, April 11, 2014

Elliott wave analysis of GBP/USD - Short term count

GBP/AUD

Please see my post from March 24 here first.

The S/H/S top has worked out to perfection as did my preferred target at 1.7744. After the low at 1.7733 we have seen a minor rally which does have impulsive characters, but we need a break above minor resistance at 1.7954 to confirm that the bottom is in place for a rally back to 1.8825 and likely above.

Short term I will be looking for support near 1.7800 for a break above 1.7908 and more importantly above 1.7954.

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