ElliotWaveStudent
Long

(GBPJPY) Possible Completion Of Consolidation

FX:GBPJPY   British Pound / Japanese Yen
71 1 3
The pair has been consolidating since completing a 5-wave             impulsive move terminating in 164.096.
Prices have retraced almost 61.8% of the prior up swing which is a typically good area of support.
The consolidation have taken the form of 'combinations' W-X-Y             wave patterns.
The final consolidation pattern is taking a form of a Triangle terminating at 158.578.
A break of the B-D trendline can trigger a long position.
Terminus of Wave A of the triangle at 158.441 (158.442 less 1 bid) can act as a SL for any long trades.

Comment:
snapshot

Update 1 (28/03/16):
Since the last post, GBPJPY has broken out of the Wave Y 'Triangle' forecast consolidation pattern.
In view of dynamic market movements, I have worked out preferred and alternative scenarios.

(1) Preferred Wave Analysis
If prices break through top of Wave X at 161.783, the next target of 164.09 will be very achievable.


(2) 1st Alternative Wave Analysis
If prices stopped and reverse near 161.50, the 'Triangle' could extend itself to create uniformity with Wave W.
This extension could take at least a few days before completing.
SL of 158.441 remains unchanged in this scenario.
snapshot


Update 1 (28/03/16):
Since the last post, GBPJPY has broken out of the Wave Y 'Triangle' forecast consolidation pattern.
In view of dynamic market movements, I have worked out preferred and alternative scenarios.

(1) Preferred Wave Analysis
If prices break through top of Wave X at 161.783, the next target of 164.09 will be very achievable.


(2) 1st Alternative Wave Analysis
If prices stopped and reverse near 161.50, the 'Triangle' could extend itself to create uniformity with Wave W.
This extension could take at least a few days before completing.
SL of 158.441 remains unchanged in this scenario.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out