$GBP/USD Short Term Elliott Wave Analysis 5.14.2015

Decline to 1.5086 completed wave (X), and rally from this level is taking the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 1.5523 and wave ((x)) ended at 1.5351. Wave ((y)) of W is already at inflection (turning) area, so although it has met the minimum requirement for completion, a marginal high can’t be ruled out and the pair can still test as high as 1.5785 – 1.588 to complete wave ((y)) of W. Once wave W is complete, the pair is expected to pullback in wave X, ideally correcting at least 50 – 61.8 back of the rally from wave ((x)) low at 1.5351 before resuming higher again. We don’t like selling the proposed wave X pullback. As far as 1.5086 level holds in the pullback, we expect buyers to appear after wave X pullback is complete in 3, 7, or 11 swing for continuation higher.

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