Updated

GBPJPY Interim No man's land 146-147

The larger count is looking for 5 waves lower in wave C off the major high near 200.
An equality move in the wave C points to sub par, which would require some serious market moves, though there's an internal potential that targets around 136-134 that's a little more in mind presently.
On the shorter-term basis, price has some decisions to make in whether the wave 2 is complete or looking for an equality move toward 152.60 prior to the wave 3 lower. 146-145.50 are the levels to break imo to open it up, with the 147.50-148 the stumbling blocks above as we head into midterms.

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appropriate pullback zone

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Nearing 5 waves of c of b of C of 2...and particularly the channel. It will all be interesting in terms of the larger context of Brexit and May's bumbling around.

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closing in on c of b of C of 2

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Ooops...c of ii of C of 2....not the b as typed

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Price responded well to the count structure for the wave ii and channel, and is now working on breaking out of the channel again...the wave iii requires it to continue to show strength up through 146-146.50 for some bona fides with 144.80 as interim support.

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Still not in any particular hurry, though has broken through the channel it's been battling with. If this is wave iii, need to see strength through 146-146.50...G20 and Brexit votes yet to come, with all their associated nonsense

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The inability to break 144.99 allows for this extended B wave taking price into the 143-142 range before the C of 2 up...messy into Brexit vote on the 11th Dec does fit

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Little spike up to 145.50 makes for a good wave E of triangle wave iv of c of B...targets down into the 142.53 area

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Pretty good effort towards the 142.53 target. Can it muster a clean internal 5th wave of this 5th wave of c of B and complete it in a perfect manner? Will have to see of course.

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There's the target...May yet to announce anything, so aware of extensions.

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And there's the extension...didn't take long in this environment.
Now a matter of breaking the trend for a potential rally in wave C...a clean 5 waves in place for the c of B.

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zooming in a little for the internals on wave c of B...which looks for a final low for a cleanly completed 5 waves in c. This is where structure fights market makers as modern markets like to play with completion of wave 5's in OTC such as Forex. In any case, the structure is there and is looking for the turn in this week or so.

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The direct move to complete wave v failed and in reworking the internals, as long as the 144-144.50 zone holds, I have this as wave iv of c of B completing soon with the final wave v leg lower to complete wave c of B over this next few days to a week for an approximation. Over 144.50 busts through the previous lower degree wave iv structure and suggests wave C of 2 is underway higher already.

TTCSteve

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TTCSteve

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