Short Term Elliott Wave view on GBPJPY suggests that further downside is expected. On the chart below, wave ((iii)) ended at 143.74 and wave ((iv)) bounce ended at 146.51. Pair has since broken to new low below 143.74, validating the downside bias. Internal of wave ((iv)) unfolded as a zigzag Elliott Wave structure where wave (a) ended at 145.87, wave (b) ended at 144.78, and wave (c) ended at 146.5.
Wave ((v)) is currently in progress as an Elliott Wave impulse structure. Down from 146.5, wave (i) ended at 144.96, wave (ii) ended at 145.37 and wave (iii) is still in process. Internal of wave (i) and (iii) also subdivided as an 5 waves Elliott Wave structure in a lesser degree. After ending wave (iii) we expect wave (iv) bounce to fail in 3, 7, or 11 swings for further downside. We don’t like buying the pair and as far as pivot at 146.5 peak stays intact it should continue lower.
Wave ((v)) is currently in progress as an Elliott Wave impulse structure. Down from 146.5, wave (i) ended at 144.96, wave (ii) ended at 145.37 and wave (iii) is still in process. Internal of wave (i) and (iii) also subdivided as an 5 waves Elliott Wave structure in a lesser degree. After ending wave (iii) we expect wave (iv) bounce to fail in 3, 7, or 11 swings for further downside. We don’t like buying the pair and as far as pivot at 146.5 peak stays intact it should continue lower.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.