GBPJPY 1 HR Elliott Wave Count
Looks like the GBPJPY is starting the C leg down. If this is wave 1 of C then it needs a few 4th and 5th waves lower.
An alternate count to keep an eye on here is that this is a C wave down itself for the (B) wave and the (C) wave up is not complete yet. I say that because that C wave was awful short.
IF I was going to play this short I would wait for this first leg down to complete, wait for the 3 wave pullback then play the break of the low as I showed in a recent post. You sometimes miss out becuase the pair continues lower with no retrace but I would rather play on the safe side. There is always another trade.
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| GBPJPY 1 HR Elliott Wave Count |