E GBP/JPY Anticipating A Bear Move

GBP/JPY made a five-wave drop from the 142.69 level, which confirms a change in trend, and a minimum, three-wave reversal to be underway. We see wave A) with a five-wave structure completed at 133.0 level, so current turn up, and out of an Elliott wave channel line can belong to a corrective wave B), a three-wave move, with resistance at the 138.37/139.0 area, where former swing high and Fib. ratios from 50.0 to 61.8 are located.

GBP/JPY, 4h

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
William K. 1 month ago Member's comment

Here we have an analyst utilizing past performance to predict the future. It will be interesting to see how the actual results compare. Stay tuned, everybody.