KVE
Long

GBP/JPY: End of wave C or 3? Should be going up some now...

FX:GBPJPY   British Pound/Japanese Yen
122 0 3
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... ;-):
GBP/JPY: News to end wave C at the trendline?
Comment: TP1 reached, SL at BE
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