Since 5th June this pair completed a 4th wave correction and made very strong impulse move up, as a Leading Diagonal. Now on sideways minor wave ii and is due to retrace deep at least 61.82% before resuming uptrend. (double figure R/R) As usually the case at the beginning of a 5th wave.
Week long correction 4th wave looks complete and ready for breakout of channel line on 5th towards 141.73.
Tracking the final 5th wave of GBPJPY to a potential top. It's more like an intraday long, then, a long term short.
There's more to this complex correction (4) than it seems, as per EW 'alternation' guideline, a very complex 4th wave alternates with a very simple wave 2. A potential expanded flat correction is developing, before resuming uptrend.
Correction (iv) terminated right down the limit of bottom channel line, now reversal to be confirmed. Therefore invalidation or SL placed at channel break with upside potential of a 5th wave towards 1.5045 for a medium term setup.
Trending down on the last leg of expanded flat correction (iv) towards termination at target zone; and therefore resume uptrend on (v).
Range trading on NZDUSD for the next 3-4 weeks, before resuming downtrend.
A very complex wave (iv) alternates with simple wave (ii). Now almost completed an ED as part of wave (b), expecting a swift decline on wave (c) towards 1.4520, before resuming uptrend.
Typical Elliott Impulse wave iii with 5th wave extension - buy near 1.4470 target 1.5045