ridethepig
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Timely chart update in GBPJPY ... Ridethepig

FOREXCOM:GBPJPY   British Pound / Japanese Yen
A very good time for a chart update in GBPJPY after we cleared the targets in our widely tracked "GBPJPY time to start working the sell-side" idea.

This previous leg as you can see in the attached chart archive was a flawless 1300 tick swing and it is finally time to start tracking the exhaustion. A typical 4th wave will take place now; and often retrace 23.6% of the previous 3rd wave. This simply means the target for the topside is 136.960.

Here we can expect bears to show up once more and trade the final leg lower. A 5th wave continuation will target as low as 128. xx if we get a No-deal Brexit it can be even lower. Focus on adding shorts from higher levels if you are still holding positions from our previous entry.

Best of luck all those looking to catch the final swings in this move.

Trade closed: target reached

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Comments

Now that wave 5 complete, is it good time to go long based on your analysis?
Reply
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