TRADE ANALYSIS: GBPJPY - SELL@186.790

PATTERNS
There is a fairly obvious 3 drives pattern that has just happened along with a POTENTIAL Cypher pattern coming off the recent price moves up. These moves are all part of a corrective wave 4 of the D leg of the larger expanding triangle.

There are 2 more POTENTIAL patterns that could be marking the end of the D leg and they both complete at or near the lower TL of this expanding triangle. One is a bat and the other is a crab.Their completion also completes the 5-wave move down in leg D.

First, let's understand where this pair is at the moment in the BIG picture. Here is the MONTHLY chart showing my wave count on this pair:

And the Weekly Chart View....

So in the weekly chart, you can see that my count has this pair in a wave (5) of (A) in a corrective phase. This wave (5) appears to be ending in a ending expanding triangle. There is probably one more leg up in this expanding triangle that will hit the .618 retrace of the previous impulse wave down on the MONTHLY Chart. But for now, it seems to be still working it's way down in the D leg.

DAILY Chart View
Here I focus in on that expanding triangle pattern.

Expanded 4HR Chart
I've condensed the chart view to show the wave count and the patterns here

MY TRADE PLAN
Selling on this pair and looking for a move all the way down to the lower TL of the expanding triangle. At that point, I'd be looking to get out and wait to see if it would reverse back up to complete the leg E of the triangle. But deal with that later. For now, Stops are @187.750 and TP1