Elliott Wave View: GBPCAD Rally Should Fail for Further Downside

Short Term Elliott Wave View in GBPCAD suggests rally to 1.5367 ended wave ((iv)). Wave ((v)) lower is in progress to complete a cycle from August 2, 2022 high. Internal subdivision of wave ((iv)) unfolded as a zig zag Elliott Wave structure. Up from wave ((iii)), wave (a) ended at 1.5314 and pullback in wave (b) ended at 1.5269. The pair extended higher in wave (c) of ((iv)) towards 1.5367.

GBPCAD turned lower in wave ((v)). Internal subdivision is taking the form of an impulse. Down from wave ((iv)), wave (i) ended at 1.5198 and bounce in wave (ii) ended at 1.5304 as flat correction. The pair extended lower in wave (iii) towards 1.5044. Wave (iv) higher could be done already as double correction. Wave w of (iv) ended at 1.5143. Connector wave x of (iv) finished at 1.5082 and pair then rallied in 3 swings to end wave y of (iv) at 1.5198. We expect further downside from this levels to break 1.5044 low to complete wave (v) and also wave ((v)) in higher degree. As far as pivot at 1.5367 high stays intact, expect that any rally to fail in 3, 7, or 11 swings to continue lower.