GBPJPY Daily Elliott Wave Count
GBPJPY Daily Elliott Wave Count updated on 08/10/18
The most recent price action from the 149.32 highs is forming a
5 Wave Impulse that is currently in wave iii with targets of 140.60 at the 161.8% extension followed by 139.00 at the 200% extension.
I am pretty confident we will hit the 140.60 and with the strength of this wave
3, I think we could hit the 139.00 as well before the GBPJPY starts the wave
4 consolidation.
GBPJPY Elliott Wave Count Since Oct. 2016
Since the Oct. 2016 lows of 124.69 the GBPJPY made an ABC correction up to 156.13 for the
blue circle a wave that ended in Jan of 2018. The
(c) leg of this move played out in a nice
Elliott Wave End Diagonal with 5 waves up forming a
Rising Wedge shape with the wave
i and
iv overlap.
From the 156.61 highs the price action created a nice 3-3-5 flat structure for the
(w) followed by a zig - zag
(x) wave up to 149.32.
With the
(w) and
(x) wave complete, price action looks to be playing out a 5-3-5 Zig-Zag for the
(y) wave of
blue circle b.
Please visit the following links for the Weekly, 4 Hour and Hourly GBPJPY Elliott Wave Counts.
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| GBPJPY Daily Elliott Wave Count |
GBPJPY Daily Elliott Wave Count updated on 07/30/18
From the highs of 156.13 the GBPJPY has fallen in overlapping three wave moves. This leads me to believe that the pair is creating an Elliott Wave Leading Diagonal for
a or
1 down with wave
(iv) complete at 149.32 and wave
(v) in the works.
The leg down from 149.32 I believe is complete and we are in an Elliott Wave Expanded Flat. But, as I mention in the U.S. Open Hourly update I would stay bearish until the 146.543 swing high was taken out. If we do get a deeper b wave correction I would be looking to short against the 149.32 wave
(iv) high with a target of 141.00.
