Yassine
Long

GBPJPY: Pennant And Possible Wave (iii)

FX:GBPJPY   British Pound/Japanese Yen
155 1 6
Enter after a confirmed breakout.

Calculating the target for the pennant formation:

Calculate the difference between the start of the trend leading to the pennant (X) and the first high of the pennant (Y) and project it upward from the low leading to the breakout at (Z).

Calculating the target for wave ( iii             ):

Draw a fib extension between the low(X) and the high(Y) of the wave (i). 1.618 extension is the target.

Good luck.
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