We have seen deep three wave decline in on GBPAUD from August highs that can be now coming to an end after recent nice turn up from 2.0785 area. Notice that there was a triangle in wave (B) so recent leg down must be wave (C) final wave within a corrective move. That said, our view is bullish now, so be aware of more gains ahead, especially after 2.1305 is broken. We are tracking this one for longs.

GBPAUD, 4h

GBPAUD, 4-Hour Elliottwave Chart

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D.

Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.

Basic Triangle Pattern:

Idealized Elliott Wave Basic triangle Pattern

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Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.

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