Correction Suggest Further Downside on GBPJPY - Elliott wave
GBPJPY is making an impulse to the downside; we see a new five-wave structure underway within a big wave (3), where price is ending a correction in red sub-wave 4. Ideally sub-wave (4) will end and price will impulsively turn down from the Fib. ratio of 0.50 and at the level of a former lesser degree wave iv (both react as resistance zones).
An impulsive drop below the lower parallel corrective channel line will indicate that sub-wave 4 correction is finished, and sub-wave is 5 underway, targeting 152.78/152.27 region.
An impulsive drop below the lower parallel corrective channel line will indicate that sub-wave 4 correction is finished, and sub-wave is 5 underway, targeting 152.78/152.27 region.