Chartistry

$GBPJPY | Structure Eyes 137.455 After Bullish Move

FX:GBPJPY   British Pound/Japanese Yen
7 months ago
Hello Traders,

Here we have a Wolfe Wave & Geo             structure that is pointing DOWN after the current bullish run. A couple of things to note here.

1. This Wolfe Wave structure is still speculative since point 4 has not been defined. But, with the use of Fibonacci Extensions and ab=cd patterns I have defined a probable level where point 4 can be found. Point 3-4 usually creates a similar ab=cd structure as point 1-2. which is what I would be looking for to define point 4. I have outlined a potential ab=cd pattern within the parameters of 3-4

2. The AB=CD highlighted in blue points to Geo's Off-Set rule at 5' which gives us a high probability target at point 174.527(point 4). The 1.618 extension of this AB=CD pattern also points to the same level giving 137.455 significance.

3. There is Fibonacci confluence between AB and CD. Point 1 A in the AB is also confluent with the 1.618 extension of the internal Fibonacci Extension. Not shown in the chart to keep it as clean as possible.

In summary, what I expect to happen here is a completion of an ab=cd pattern to define point 4 and then the completion of CD in the larger AB=CD to define 5' at 137.455. Once this sequence is completed we will have a Wolfe Wave pointing to 174.527 at Geo's Off-Set Rule.

Best,
Chartistry
7 months ago
Comment:
snapshot


Here is the Fibonacci Confluence I did not include in the original post. Defined in the shaded purple.
5 months ago
Comment: Geo invalidated.
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