GBPJPY Weakness -- is this the End of the Monthly Trend?
We are getting to the end of a monthly elliot wave cycle and I am expecting a reversal and distribution pattern to play out. I am not going to try to catch the very top but wait for a stop loss hunt/UTAD to play out. I do think we should see exhaustion of buyers soon.
The peak in volume and evil wick we got recently I am taking as a sign of weakness, buyers stepped in but volume is diminishing and diverging with price since then.
The peak in volume and evil wick we got recently I am taking as a sign of weakness, buyers stepped in but volume is diminishing and diverging with price since then.
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By ignoring the wick I mean that it didn't invalidate the EW because it didnt close below the top of the 1.