A five-wave impulse followed by a correction is what every Elliott Wave analyst is looking for. It seems that we have found one such pattern on the 15-minute chart of GBP JPY.
You can see the impulsive wave structure of the advance from 168 to 173, as well as the corresponding retracement to the downside, which is currently in progress. This means, that the 5-3 cycle should soon be completed and the uptrend could resume in wave (3/C). We expect wave (2/B) to end between 171 and 170, which represents the area between 38.2% and 61.8% Fibonacci level. However, the decline could extend even lower, but as long as 168 stays untouched, GBP/JPY should be looked at from the bullish side.
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GBP/JPY To Regain Positive Bias?
Published 10/22/2014, 07:53 AM
Updated 07/09/2023, 06:31 AM
GBP/JPY To Regain Positive Bias?
Latest comments
its just bullish now, when will it go bearish to 170, wil it go at all? whats your opinion
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