Dive out of a wedge only to swim in the English Channel GBPJPY

27 thg 1, 2014

***LT 177** Missed trade bounced off of trendline earlier than predicted but might still play out for another bounce off of the lower trendline. Broke through wedge. The expectation is for GBPJPY to continue down to 167.300 to complete the Gartley and then should retest the bottom of that wedge before continuing a trend down. There is an obvious channel forming. the end of the wedge and the channel meet to meet to form a very interesting area (around 171.00) for a possible trend continuation