We have been witnessing serious Elliot waves going on GBPJPY on the downward trend, and a complete full cycle of 1,2,3,4,5 waves and A,B,C corrective waves has been formed.
And now we are at the start of a new cycle in the upward trend starting with a big first wave on Daily time frame, and a fractional 1,2,3,4,5 waves on 4 hours time frame (as shown in figure) .
What is the most probable scenario ?
- The most probable scenario is reaching a higher high to end the fifth wave at around
163.00 (+/- 20 pips). Then the corrective waves
(A,B and C) will form a retracement around the
161.30/50 area. Then we wait for a confirmation of the big new third wave on daily that will take place also as fractions on the
4hour time frame to reach a new high of maybe levels of
168.00 .
Recommendations:
- Wait for . . .
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