My outlook on GBPCAD yesterday played out by giving 55pips instead of 64pips that was actually projected. So what are we to expect today?
Well!! From my Elliott wave count, GBPCAD is in a short term corrective phase. Currently forming the minor sub-wave 3 of wave ii of the corrective phase b. If this analysis holds, the point of invalidation (beyond which wave 2 is not expected to reach) is at 1.63411. Therefore, I will be expecting to go short (I actually entered at 1.63141) with a stop loss 5pips above the invalidation point 1.63411, so as to complete wave ii. However this could be a short term SELL. My short term target is 1.62324.
Well!! From my Elliott wave count, GBPCAD is in a short term corrective phase. Currently forming the minor sub-wave 3 of wave ii of the corrective phase b. If this analysis holds, the point of invalidation (beyond which wave 2 is not expected to reach) is at 1.63411. Therefore, I will be expecting to go short (I actually entered at 1.63141) with a stop loss 5pips above the invalidation point 1.63411, so as to complete wave ii. However this could be a short term SELL. My short term target is 1.62324.