Prices are near to the end of this wave ( iii ) soon but still have one more move up in the wave v of ( iii ). Also, it has not yet filled that POTENTIAL Bat. When it does, that will be another good reason to take profits if you do not wish to suffer through a wave (iv) retrace. After that bat completes and the wave v completes, then we should be seeing a retracement in a wave (iv). But I don't view this wave (iv) as necessarily a deep retrace. But regardless, by this being a wave ( iii ) and a retrace coming being a wave (iv), that means that we have NOT seen the top here! There is a wave (v) yet to come if my wave count is correct. In fact, in my LONG TERM analysis on this pair, we will be seeing MUCH, MUCH higher prices ahead. This folks, has the makings of a SUPERTREND forming and if correct, we are in on the 1st floor (didn't catch the bottom so not the ground floor!) of that POSSIBLE SUPERTREND.
To see my FULL ANALYSIS on this pair and see what it is I am seeing for this pair in the next weeks, go to my website and see my post on this pair: (P) GBPJPY: Alt Wave Count Is Becoming More Relevant. Could Portend HUGE Move! (subscription required).
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Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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