FullTimeTrader
Short

GPBJPY-is forming an ending expanding diagonal- huge decline

FX:GBPJPY   British Pound/Japanese Yen
842 5 15
Hello friends, the market always surprises me when forms a beatiful piece of art.

This analysis is on monthly chart to have a best picture about what this pair is doing. But the price is very close to the key area and we can trade it on D1 chart.

I can see a five wave impulse 1-2-3-4-5 (red)
The fifth wave (red) is unfolding as an expanding ending diagonal labeled 1-2-3-4-5 blue.
The price is about to end the fifht wave (blue) near the trendline resistance (purple). After that according to EW theory we can expect a dramatic fall.

We can see also A PERFECT CONFLUENCE of the 0.61 fib retracement of the whole decline and the 0.61 fib expansion from the beginning of wave 1(red) to the end of wave 3(red).

I like the fib ratio relationships between waves, its another great tool from EW theory.

If this setup works we could catch the start of a huge long term decline.

The sell area would be around the 198.68 and 199.54 area.

Best regards

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome.
We all are here to learn sharing ideas, have fun and improve our performance.





weekly chart:
snapshot
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snapshot


What do you think?
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FullTimeTrader Thelearner
Hello, the internal subdivisions of this pair are not very clear. We could have 10 valid counts of very experienced ellioticians. In such cases i prefer to use fib relationships and divergence on oscillators. You can see it on my chart. Regards.
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A-B and then your impulse C up, correcting the large impulse down to the left.
Makes sense.
I have my time and price targets pointing to a top by September 28th.
GBPJPY: Long for now but watch it around September 28th

This is the stuff my friend...we will get a killer short soon.
Reply
FullTimeTrader IvanLabrie
Very interesting time targets, i also think the 200 level is key. Right now im publishing a short term setup
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