GBPJPY appears to be completing a corrective structure, with the current price action developing into a final 5-wave impulse from the Wave (D) low.
Elliott Wave structure:
(A) — Initial recovery
(B) — Corrective decline
(C) — Recovery toward the upper channel
(D) — Pullback into the lower boundary
(1)–(2)–(3)–(4)–(5) — Potential 5-wave advance
(E) — Potential completion near the 211.425 resistance zone
Trade Plan
🔴 Potential Sell Zone: 211.40–211.50
🛑 Stop Loss: 211.80
🎯 Target 1: 209.00
🎯 Target 2: 208.40
🎯 Target 3: 208.04
The 211.425 area is the key level to watch for rejection and confirmation of the Wave (E) completion. A sustained move above the stop-loss area would invalidate this particular bearish setup and require a reassessment of the wave count
#GBPJPY #ElliottWave #Forex #TechnicalAnalysis #WaveCount #GBPJPYAnalysis #TradingView #PriceAction
Elliott Wave structure:
(A) — Initial recovery
(B) — Corrective decline
(C) — Recovery toward the upper channel
(D) — Pullback into the lower boundary
(1)–(2)–(3)–(4)–(5) — Potential 5-wave advance
(E) — Potential completion near the 211.425 resistance zone
Trade Plan
🔴 Potential Sell Zone: 211.40–211.50
🛑 Stop Loss: 211.80
🎯 Target 1: 209.00
🎯 Target 2: 208.40
🎯 Target 3: 208.04
The 211.425 area is the key level to watch for rejection and confirmation of the Wave (E) completion. A sustained move above the stop-loss area would invalidate this particular bearish setup and require a reassessment of the wave count
#GBPJPY #ElliottWave #Forex #TechnicalAnalysis #WaveCount #GBPJPYAnalysis #TradingView #PriceAction
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.