GBPJPY Weekly Elliott Wave Count
08/10/18In the last GBPJPY Weekly Elliott Wave Count the Ending Diagonal for blue circle a had just completed at the high of 156.613.
Since then we have been looking for a blue circle b down to complete near the 136.685.
This should be followed blue circle c up to finish the wave 2 up toward the 168.00 area.
This correction will be followed by a strong 3rd wave down that will break below the 118.82 lows with the (C) equals (A) target of 64.45.
GBPJPY Weekly Elliott Wave Structure Since 2007
Starting at the highs of 251.15 created in July of 2007 the GBPJPY had a very strong 5 wave move down with an extended fifth wave to the Jan 2009 lows of 118.82 for the larger degree (A) wave.
Since these lows the pair created an Elliott Wave Expanded Flat that reached the June 2015 highs of 195.84 finishing the (B) wave.
From the 195.84 highs, the pair had created another Elliott Wave Impulse move down to the Oct 2016 lows of 124.69 to complete wave 1.
Since the end of Wave 1 at 124.69 the GBPJPY has been working on the wave 2 corrective structure as explain above.
Please visit the following link for the Daily, 4 Hour and 1 Hour Elliott Wave Counts.
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| GBPJPY Weekly Elliott Wave Count |
03/04/18
In my last GBPJPY post I was looking for a triangle to complete followed by a C wave up toward 164.00. Since then it looks like the pair has made an ending diagonal and starting to fall rather quickly out of the ending diagonal.
It is still very much possible for the pair to hit that 164.00 target but we will see deep correction toward 137.00 first. It is also possible that the pair is starting the larger C wave down but I think more time is needed in the B wave.
GBPJPY Weekly Count
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| GBPJPY Weekly Elliott Wave Count |
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