GBP/JPY: End of wave C or 3? Should be going up some now...
We may have finished either an ABC correction or 3 waves of a 12345 motive wave..., either way we should be up for an upward 3-wave correction or a new 5-wave motive structure now.
If this is a wave 4 we can look for a retracement back to the channel top at one of the fib levels as depicted on the chart (we should at least reach the 38.2% ret. if the 3-wave count is valid).
Wave 2 was a flat so according to the guideline of alternation chances are higher of getting a sharp correction for wave 4, maybe a zigzag? The retracement should bring the MACD back to around the zero line.
As for the finished AB=CD pattern we can aim for the 50% retracement of the CD leg around 176.40.
My first target is therefor in between the 38.2 and 50% retracement at a possible S/R level.
My second target is the 61.8 retracement at another possible S/R level (but I'll watch the 50% retracement and might take some profits there too though, it all depends if we get ratio and channel confluence or not!).
If this turns out to be the start of a new 5 wave motive wave up then the second target can be adjusted higher.
SL below the lowest low and possible S/R level.
I'm long already based on my previous idea but will try to add longs as long as this and the previous setup is not invalidated. If we go back down, form a double top and reverse again then I might add extra longs.
Also see my previously published idea trying to predict the end of this strong down move which started last year during the summertime, I got quite close if I say so myself... ;-):
If this is a wave 4 we can look for a retracement back to the channel top at one of the fib levels as depicted on the chart (we should at least reach the 38.2% ret. if the 3-wave count is valid).
Wave 2 was a flat so according to the guideline of alternation chances are higher of getting a sharp correction for wave 4, maybe a zigzag? The retracement should bring the MACD back to around the zero line.
As for the finished AB=CD pattern we can aim for the 50% retracement of the CD leg around 176.40.
My first target is therefor in between the 38.2 and 50% retracement at a possible S/R level.
My second target is the 61.8 retracement at another possible S/R level (but I'll watch the 50% retracement and might take some profits there too though, it all depends if we get ratio and channel confluence or not!).
If this turns out to be the start of a new 5 wave motive wave up then the second target can be adjusted higher.
SL below the lowest low and possible S/R level.
I'm long already based on my previous idea but will try to add longs as long as this and the previous setup is not invalidated. If we go back down, form a double top and reverse again then I might add extra longs.
Also see my previously published idea trying to predict the end of this strong down move which started last year during the summertime, I got quite close if I say so myself... ;-):
Comment:
TP1 reached, SL at BE
