FX:GBPJPY British Pound/Japanese Yen
Longer time frame picture with consolidation on higher values . I am looking at C3 continuation pattern with a Trick on 0.382 Fib. level , coming from a swing low at 163.91 as a confirmation of market intentions to break out above resent 175.44 high and to coincide with Eliot wave III . Next week I will be looking for price action between weekly R1 and R2 with expectation of holding and consolidating on smaller time frames at R1 level before eventual break out . Sharp rejection of 140.20 will lesser to some extend my expectation but will not negate view until we trade below weekly S2 . I will use smaller time frame structures ,which will develop over upcoming week to enter into long position .
Hi Jaro, nice detail. One thing that stands out here is you begin your wave count from a consolidation. Can you see the triangle? (Jan 14 - Jul 14). Wave 1's are impulse waves themselves which means you should begin your count from Nov 13. That is your initial wave. So basically you are in wave two at the moment and looking for a setup to possibly lead into becoming the first leg of wave 3 (bigger picture). Of course it may not materialize into wave 3, but that's ok we are just looking to use the wave counts for context and trend identification. Remember it's wave 4 - 5 we want to trade when actually using Wave counts. I will review in our next session. Nice job though.