Elliott waves for Forex correlation analysis – We’re long


GBPUSD – Flat Wave Analysis Instead of a rebound from 1.3034, the cable extended a bit higher than expected and even closed above the it. We expect the rebound from the lower supportive trend line to have marked the end of the corrective wave (4) that the current bullish price rally is the continuation of the impulsive wave (v) to the upper side but should not go beyond 1.33 during this intraday. Although this upward rally is highly anticipated, a minor pullback towards 1.3034 will be the best place to long this pair with an ideal target at 1.33. Trade this pair alongside USDJPY, USDCHF and CADJPY. These pairs have a strong negative correlation of up to -71% and will move in an exact opposite price action. Trade Recommendations: Expect a possible bullish price rally towards 1.33
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