GBPJPY is Showing a Incomplete Bearish Sequence

21 thg 12, 2023

Short Term Elliott Wave View in GBPJPY shows that it has ended wave ((3)) at 188.66. Pullback in wave ((4)) is currently in progress as a double three Elliott Wave structure. Down from wave ((3)), wave A ended at 185.06 and wave B ended at 186.18. Wave C lower made a strong drop ended at 178.47 which completed wave (W). The yen pair then corrected in wave (X) as a zigzag structure. Up from wave (W), wave A ended at 182.04 and wave B ended at 180.45. Wave C higher ended at 184.32 which completed wave (X).

The GPBJPY then turned lower in wave (Y). Down from wave (X), wave ((a)) ended at 178.32 breaking the low of wave (W) opening the idea of a incomplete bearish sequence. Wave ((b)) pullback was very high retesting wave (X) ended at 184.17. The yen pair is now trading lower in wave ((c)) of W. Down from wave ((b)), wave (i) is expected to end soon, then it should pullback in wave ((ii)), followed by further downside in wave (iii) of ((c)). Then, as far as pivot at 184.18 high remains intact, the GBPJPY has scope to see further downside in a larger double three in wave (Y).