GBPJPY: completion of the 32-year triangle.

●● Preferred count
● British Pounds / Japanese Yen (GBPJPY), 🕐TF: 20D
Fig.1

Earlier, we discussed the long-term USDJPY chart, which spoke about the high probability of an early trend change in favor of strengthening the yen. As you can see, the wave structure of the GBPJPY currency pair chart reinforces our expectations — the revaluation of the national currency of the land of the rising Sun is ahead of us.
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● GBPJPY (FXCM), 🕐TF: 1W
Fig.2

"E waves in triangles appear to most market observers to be the dramatic kickoff of a new downtrend after a top has been built. They almost always are accompanied by strongly supportive news. That, in conjunction with the tendency of E waves to stage a false breakdown through the triangle boundary line, intensifies the bearish conviction of market participants at precisely the time that they should be preparing for a substantial move in the opposite direction. Thus, E waves, being ending waves, are attended by a psychology as emotional as that of fifth waves", — this is how Prechter and Frost describe the personality of the E wave within the bullish triangle in the Elliott Wave Principle - Key to Market Behavior.


Cancellation of the scenario is a breakdown of the top c of (x), the level "invalid.". The minimum target for a supercyclic wave (y), which should manifest itself as a single zigzag, is to go beyond the top of wave b, corresponding to the levell of 116.840.
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● GBPJPY (FXCM), 🕐TF: 1D
Fig.3

In a triangle, at least two of the alternate waves are typically related to each other by .618.

Thus, the potential target is defined at the level of 172.680, upon reaching which wave e will be equal to .618 wave c.
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● GBPJPY (FXCM), 🕐TF: 8h
Fig.4

A variant of counting the waves Ⓐ and Ⓑ within an eight-hour time period.
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●● Alternative count
● GBPJPY (IDC), 🕐TF: 1M
Fig.5

The alternative wave count has not changed. The counting is aligned with the main scenario by at least one downward zigzag, which should update the historical bottom.

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