Elliott waves for Forex correlation analysis – Waiting for low risk buy opportunity

As previously forecasted, the corrective wave (b) continues to the lower side but should not go beyond the immediate trend line. Instead of going long immediately, we sit on the sidelines, and wait for a clear rebound from the immediate trend line to give us low risk buy opportunities. The anticipated upward rally should be the completion of the impulsive wave (c) and should not go beyond 1.41114. This view can only be invalidated in case the current corrective rally end up breaking below the immediate trend line. Expect a similar rally in GBPHKD and GBPNZD. These pairs have a strong positive correlation and will have a similar price action during this intraday.