GBPJPY is unfolding a clear 5-wave impulsive structure from the April low. Current price action suggests we are in a wave (iv) correction of the larger wave (C). The substructure shows:
Wave (i), (ii), (iii) are complete
Wave (iv) is developing as an ABC flat or zigzag
Wave (v) still expected to complete wave (C) higher
What to Watch:
The correction may dip toward the 190.50–189.50 support zone before completing wave (c) of (iv)
From there, potential bullish continuation toward 196.00 to complete wave (v) of (C)
Trade Idea (Not Financial Advice):
If price confirms a reversal from the lower support box, long entries could target the upper box near 196.00. Invalidation would be a break below the April low.
#ElliottWave #GBPJPY #ForexAnalysis #WaveCount #JPY #GBP #ICMarkets
Wave (i), (ii), (iii) are complete
Wave (iv) is developing as an ABC flat or zigzag
Wave (v) still expected to complete wave (C) higher
What to Watch:
The correction may dip toward the 190.50–189.50 support zone before completing wave (c) of (iv)
From there, potential bullish continuation toward 196.00 to complete wave (v) of (C)
Trade Idea (Not Financial Advice):
If price confirms a reversal from the lower support box, long entries could target the upper box near 196.00. Invalidation would be a break below the April low.
#ElliottWave #GBPJPY #ForexAnalysis #WaveCount #JPY #GBP #ICMarkets
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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.
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.