GBP/JPY: AB=CD complete or more downside to come?
I'm currently long from the 141 ext. and completion of 1/1 AB=CD (possible Cypher C if we get a good reversal) with SL somewhat below the low of today. Also the RSI is highly oversold so we could see at least some retracement upwards.
If my SL gets hit I have orders ready further down, see possible long entry zones in blue on the chart. I'm actually looking where a posible C wave of a correction ends..., IF this turns out to be a correction and not a full blown reversal...
I'll keep my SL's tight since we've not yet reached the 38.2 retracement of the last big move up (zoom out and look left), this retracement is actually below that lower S/R zone and trendline!
If my SL gets hit I have orders ready further down, see possible long entry zones in blue on the chart. I'm actually looking where a posible C wave of a correction ends..., IF this turns out to be a correction and not a full blown reversal...
I'll keep my SL's tight since we've not yet reached the 38.2 retracement of the last big move up (zoom out and look left), this retracement is actually below that lower S/R zone and trendline!
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Updated idea:
