As signaled this week-end, this Pattern came across loud and clear. I would have expected a 5-prime adverse excursion as it often seen in the WW, but instead, price is moving along just fine.
This is a M15.But, dDid you see this DAILY chart:
All prior discussion on the development of both patterns can be reviewed in the TradingView's "Predictive Analyses & Forecasting Room".
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$GBPJPY rallied on cue off of its TG Line; Predictive model remains bearish, though:
via @tradingview | $GBP $JPY
A safe strategy here is not to run after a 5-prime position, but simply to enter at the level where price returns below the 1-3-5 Line.
A 78.6-Fib level remains open for the pattern trader seeking to enter a long position out of the Bullish Gartley pattern completion. However, this is not necessarily the type of trade I feel comfortable with, as they represent the most widely expected level of entry. Best is to seek the type of edge offered by more advanced patterns, such as this completed Wolfe Waves pattern, as of its 5-prime position. Remember: Enter safely at the 1-3-5 Line re-entry if you are not comfortable with any other possible aggressive solution.
Daily notes, technical commentaries, lessons and pearls will be provided in the "Predictive Analysis & Forecasting" chat room. Feel free to follow these added details there (Link: https://www.tradingview.com/chat/#5eHLst6YxeVqGlaO). Only significant technical events will be posted in this present discussion thread, so as to avoid too much unnecessary technical information for the trader and chartist interested only in major technical events.
Fundamentally Yen is getting weaker, while BoE said it will raise interest rate next spring step by step.
I have a strong bullish bias for this pair as the big drop of GBP is cause by the interest rate not rising before the end of this year as many trading hoped for.
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$GBPJPY - m15:
$GBPJPY - H4: Tiny WW forming at the end of an impulse that started off of a larger WW's Point-4 - H4 chart:
$GBPJPY - DAILY: Here is the larger view of a larger WW.
Therefore, expect that the small WW completes into a lower leg, so as to help define Wave-B of a A-B-C pattern moving completion towards Wave 5 (shaded).
In other words, expect a temporary retracement to allow for the completion of the smaller WW, which is the continuation of the corrective's B Wave. After that, it's a move towards Point-5, I should expect - David
$GBPJPY - Posted in new forum as a "Worth Watching Next Week" - Link:
$GBPJPY - Visual Recap:
$GBPJPY - Bearish WW potential coming up:
1 - 3-wave down completes from top.
2 - Overhead resistance @ 174.396 represents aggressive counter-trend opp with SL > Point-B
See M15 chart:
$GBPJPY - Alternate WW at 5-Prime position ... Little steep, but probability exists:
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I hope you were following that thread.
$GBPJPY - DAILY:
Deliberate deterioration of the $JPY may seem counter-intuitive here, but if price maintained a downward course, less plausible because plausible, then possible, and finally too late.
Only time tells the fundamentalists what technical was muttering all along.