Since the peak in January 2022, GBPAUD has seen a strong decline.
All declines have to correct at some point and this is where the EWP gives us a good road map.
The decline has unfolded in a textbook impulse wave labelled wave (1) to (5).
In textbook fashion, wave (3) is extended and is the longest wave, wave (4) is a triangle and the final wave (5) and ending diagonal.
More often than not, ending diagonals are fully retraced so the first target for the bulls should be 1.78189
Buy: @ market
Stop-loss: below 1.68715
take-profit 1: 1.78189
All declines have to correct at some point and this is where the EWP gives us a good road map.
The decline has unfolded in a textbook impulse wave labelled wave (1) to (5).
In textbook fashion, wave (3) is extended and is the longest wave, wave (4) is a triangle and the final wave (5) and ending diagonal.
More often than not, ending diagonals are fully retraced so the first target for the bulls should be 1.78189
Buy: @ market
Stop-loss: below 1.68715
take-profit 1: 1.78189