GBPJPY has been in a sideways move for the past three weeks. This irregular move usually fits in for a triangle pattern in the Elliot Wave principle.
As you can see from the chart, the price made a sharp impulse move from wave (a) low, and since then the price is has been unfolding in a three-wave sequence in wave (A) through (E).
The decline in wave (E) of the triangle must not exceed wave (C) low for this count to remains valid. While the price is trading below the red line "wave (E)" low, I will look for a breakout of the green lines to confirm the completion of the triangle pattern and execute a long trade.
The anticipating rally in wave c of (b) of the zigzag pattern has the potential to equal the size of wave a.
What's your view on GBPJPY? Let me know in the comment.
Best of luck on the chart!
Veejahbee.
As you can see from the chart, the price made a sharp impulse move from wave (a) low, and since then the price is has been unfolding in a three-wave sequence in wave (A) through (E).
The decline in wave (E) of the triangle must not exceed wave (C) low for this count to remains valid. While the price is trading below the red line "wave (E)" low, I will look for a breakout of the green lines to confirm the completion of the triangle pattern and execute a long trade.
The anticipating rally in wave c of (b) of the zigzag pattern has the potential to equal the size of wave a.
What's your view on GBPJPY? Let me know in the comment.
Best of luck on the chart!
Veejahbee.
