GBP/AUD: Trading The 1H Impulse Wave (Elliott Wave)

If we take a look at the current Elliott Wave structure of GBP/AUD we notice a very attractive setup to the upside.

First, we can see a simple 1-2-3-4-5 impulse wave that is in formation and all the following essential Elliott Wave rules being followed:

✔ Wave 2 can’t retrace more than the beginning of wave 1
✔ Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5
✔ Wave 4 does not overlap with the price territory of wave 1

Also note that Wave 4 is typically a triangle, as shown in this real-time scenario.

Our target is at the 1.85000 round number and our invalidation level is set at 1.83935 (Wave (c) of Wave 4)

Let us know your thoughts.
Your feedback is greatly appreciated.

Thank you for reading, cheers!