#GBPJPY 4 HR #ElliottWave Count

GBPJPY 4 HR Elliott Wave Count

I change this 4 HR Count to reflect what I was showing on the Daily chart the other day.  

A move above 144.367 would indicate that the strong move down was a short C wave and the fourth wave may be complete.  Back below 140.823 and wave four is still on.

GBPJPY 4 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

Still Looking for a deeper corrective move lower to correct the move up from 126.75 the last few months of the year, the 1st target is 138.00.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

A break of 142.42 could be the start of that 3rd wave I have been looking for.  Continuing to look lower for that C wave as long as 1.44367 holds.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

Looks like we are going to see that C wave up to 143.60 I mentioned.  Above 144.367 and we could see 146.00 before lower.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 4 HR #ElliottWave Count

GBPJPY 4 HR Elliott Wave Count

We have a nice looking 5 wave move down from the 147.963 high.  This is followed by a 3 wave move up that was short of the 50% retrace so we do have to be careful of some type of flat here that spikes up above the b wave high and reverses lower again.

I am assuming with this count that the wave circle 2 is complete and the pair is starting a wave circle 3 lower for c of (b).

GBPJPY 4 HR Elliott Wave Count

 

  

#GBPJPY 1 HR #ElliottWave Update

GBPJPY 1 HR Elliott Wave Update

The GBPJPY could be setting up a nice 3rd wave move down toward 137.5 as part of this C wave correction.  Shorting a break of 142.00 with a stop at the invalidation point of 143.3 could be rewarding.  Again, just a thought NOT a trade recommendation.

GBPJPY 1 HR Elliott Wave Update

 

#GBPJPY 1 HR #Elliottwave Count

GBPJPY 1 HR Elliott Wave Count

Sticking with the bearish count until 144.367 gives.  Even a break above 144.367 may be limited.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

Looking lower as long as 144.39 holds on corrections.  We could be at or near the end of the 1st leg.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

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.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #Elliottwave Count

GBPJPY 1 HR Elliott Wave Count

THE GBPJPY is still working on that C wave up for circle B.  A move below 142.436 and circle C is probably underway.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 4 HR #ElliottWave Count

GBPJPY 4 HR Elliott Wave Count

I do believe the pair is in the (c) wave of circle B, I will be looking for circle C down when this C wave is complete.

GBPJPY 4 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

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GBPJPY 1 HR Elliott Wave Count

The GBPJPY continues to stair step lower and looks to be in that finale 5 wave of A and should start the B wave up soon.  I would like to try a short after the B wave completion if there is a good entry. 

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

The pair should be nearing the end of this A wave down with a B wave correction beginning.  The correction should remain below 147.96.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

Looks like the GBPJPY is working on a 4th wave correction.  Price will need to remain below 145.485 until after the 5th wave is complete for the count to remain valid.  

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

I removed the ABC and replaced it with an impulse count since the previous C wave extended to the 161.8% extension.  We should see a 4th wave bounce/consolidation soon followed  by the 5th wave down.  This would complete the A wave down and a 3 wave bounce for b should begin.

GBPJPY 1 HR Elliott Wave Count

 

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

The GBPJPY may see a minor new low here but for the most part I think the C wave is over here and a 3 wave bounce may start soon.

Keep in mind that this can still turn into an impulse with a sideways wave 4 and another 5th wave lower.  I would still look at this as an A wave of the correction. 

  

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

Looks like the pair is working on (c)of W so a bounce may happen at 144.31.

Continuing to look for a deeper correction as 147.96 holds,  correction could reach 139.50.

GBPJPY 1 HR Elliott Wave Count

#GBPJPY 1 HR #ElliottWave Count

GBPJPY 1 HR Elliott Wave Count

As we Look at the Daily and Weekly Elliott Wave Counts we can see that the pair has 5 waves up from the 126.675 lows.  There are a number of ways to count this move up with nested 1-2 and 3 is under way right now or you can say that there is a nested 1-2 within wave 5 that needs some 4 and 5's to play out yet.  I am going with the 5 waves up complete for an (a) wave and the pair is correcting in the (b) wave now.  If it continues higher in one of the alternate counts, so be it.  In the end I am looking for 163.978 while 126.675 holds. 

GBPJPY 1 HR Elliott Wave Count

  

#GBPJPY 4 HR Elliott Wave Count

GBPJPY 4 HR Elliott Wave Count

GBPJPY 4 HR Elliott Wave Count Updated 08/10/18

From the (w) wave lows of 143.215 price action has traced out an Elliott Wave ABC Zig Zag for the (x) up to the July 16, 2018 highs of 149.32.

 From the (x) wave high price action should trace out another larger degree Zig Zag to complete the (y) wave of the (w) (x) (y) shown on the daily chart.

Looking at the Awesome Oscillator I believe price will see the 200% extension at 139.46.  There is currently no divergence and we should see divergence between waves 3 and 5 of the larger degree 3rd wave, circle 3.

After the circle 3 is complete we should see a bounce/consolidation up toward the 38.2% fib for circle 4 that will be followed by circle 5 down.

I have two targets down for circle wave 5 that will end the a wave.  The targets are the 5 vs 1 at 138.513 and the 61.8% extension of waves 1 thru 3.  These target are only estimates as we need wave 3 and 4 to complete before setting more accurate targets.

Please visit the following links for the Weekly, Daily and 1 hour GBPJPY Elliott Wave Counts.

• Weekly GBPJPY Elliott Wave Count
• Daily GBPJPY Elliott Wave Count
• 1 Hour GBPJPY Elliott Wave Count

GBPJPY 4 HR Elliott Wave Count

    
04/17/17

The GBPJPY had a nice bounce today and MAY have bottomed at 135.59.  The pair is currently trading around 137.00 and we should see some resistance here.  I will be watching for a 50-61.8% retrace for a possible long against 135.59.  A more conservative option would be to wait for the retrace and break of the highs.

GBPJPY 4 HR Elliott Wave Chart

GBPJPY 4 HR Elliott Wave Chart