The GBP/JPY pair has just completed a 5-wave downtrend, which ended around early April. Since then, the price has been moving higher in what appears to be a typical A-B-C corrective pattern — a common move that occurs after a major downtrend in Elliott Wave Theory.
We are currently in the final wave (C) of this correction, and within that, it appears that Wave 5 of C is now unfolding. This final wave appears to be nearing its end, and the price is approaching a strong resistance area between 196.813 and 197.513.
T1: 193.735
T2: 192.133
SL: 198.252
❌ Invalidation Level:
If the price closes above 198.252, this Elliott Wave count is likely wrong. That could mean the market is preparing for a bigger rally instead.
We are currently in the final wave (C) of this correction, and within that, it appears that Wave 5 of C is now unfolding. This final wave appears to be nearing its end, and the price is approaching a strong resistance area between 196.813 and 197.513.
T1: 193.735
T2: 192.133
SL: 198.252
❌ Invalidation Level:
If the price closes above 198.252, this Elliott Wave count is likely wrong. That could mean the market is preparing for a bigger rally instead.
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We're about to hit 2,000 followers on TradingView! 🚀
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Related publications
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.