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gbpjpy elliott

The current GBPJPY scenario indicates primary sub-wave Ⓧ is complete.

Prices are now moving up in the final wave Ⓩ. This consists of intermediate sub-waves (A)-(B)-(C). Wave (A) is a 5–wave impulse, whereas wave (B) is a simple bearish correction.

Wave (C) is also an impulse and has completed only 4/5ths of the move.

We expect a move in the 5th wave near 144.70. At that level, wave Ⓩ will be at 123.6% of wave Ⓨ.

gbpjpy

An alternative scenario shows that we are currently in minor wave 4 of (C).

This could end near 139.71. At this level, prices will be at 61.8% Fibonacci of wave 3.

After the completion of the corrective move, the market could rise in wave 5.

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The post GBPJPY Triple Zigzag Nears Completion Level appeared first on Orbex Forex Trading Blog.


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