Update: GBPJPY - Still Falling! But Slowing. Corrected Count.

Sterling weakness combined with Yen strength driving this downtrend. Powerful wave (iii) that has exceeded even my expectations has caused me to readjust my wave count yet again. Here is the short term wave count on this pair that I now am operating from.

Two POTENTIAL crabs are in play here. Crab #1 near to completion and is right near the 2.618 extension of the wave (i). Wave (iii) should end there.

The crab #2 should mark the end of the larger wave (III) which is also near to the 2.628 extension of the larger wave (I).

If you see a fractal relationship here, you would be correct.

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