7pasos

3rd wave still not complete

FX:GBPJPY   British Pound/Japanese Yen
164 0 1
Some times we can have doubts when counting the elliott waves , where a retracement had been part of one structure or another that is extendig.
One way to shed some light on this issue could be done by the comparing the size in price or time for the retracement.
In this chart we can find that the wave ii had been some what long in time and short in price if we compare it with the last correction since the 152             high.
Therefore the odds are greater for the last correction to 150.29 be a part of an extended iii             wave strucutre that still need to be completed before the wave iv start.
We can confirm this assumption by observing that the then posible waves 1)) and 4)) do not overlap inside the iii             , and thats why we can better prefer to count wave iii             as a wave that still is under develop and not finished (as could be noted in the gray color).
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