GBPAUD Trade Idea - Elliott Wave

Let’s discuss the price chart of the GBPAUD currency pair based on the 480 minute timeframe.

From the Elliott Wave perspective, the price has completed the 5 wave impulse sequence down on April 5. From that point, we have been trading higher in a corrective formation which appears to be carving out a W, X, Y pattern.

From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, bottomed on April 3 (green vertical line), and is projected to form a top on June 17.

Based on this, we can expect prices to move higher after the minor X (circle) is complete, which should be within the next few days or so at the latest. The price should continue until it reaches a distance equivalent to that traveled in wave W (circle).

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