Elliott waves for Forex correlation analysis – Possible head and shoulder formation

This pair is in a process of Head and shoulders formation. The current corrective move to the upper side is the formation of the next shoulder and should not go beyond the resistance level 1.1252. Instead of going short immediately, we wait for a clear rebound from 1.1252 to give us low risk sell opportunities. The anticipated downward rally should be the completion of the impulsive wave (c) and should not go beyond 1.1152. Expect a similar impulsive wave in the other positively correlated pair such as AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.