Good Day,
This is a potential bigger outlook from GBPJPY using Ewave's perspective
What information can we get from this chart:
1. Price has broke the expanding correction in wave 4 heading for the final impulse wave 5
2. Price also broke the correction trendline in subwave 2 heading to subwave 3
3. We can anticipate that price will make few minor corrections along the way to reach subwave 3
4. Price has never retrace since last 2 weeks and to go Long at the current price is not advisable given the RSI & Stoch level at the highest point at the moment
5. Need to wait for a complete cycle of minor correction before decide to go Long on this pair
Our bias:
* We have a short term sell (target until 50% - 61.8% fib level - grey box area
* We have a long term (buy) - from the grey box area depending on future price action
This is a potential bigger outlook from GBPJPY using Ewave's perspective
What information can we get from this chart:
1. Price has broke the expanding correction in wave 4 heading for the final impulse wave 5
2. Price also broke the correction trendline in subwave 2 heading to subwave 3
3. We can anticipate that price will make few minor corrections along the way to reach subwave 3
4. Price has never retrace since last 2 weeks and to go Long at the current price is not advisable given the RSI & Stoch level at the highest point at the moment
5. Need to wait for a complete cycle of minor correction before decide to go Long on this pair
Our bias:
* We have a short term sell (target until 50% - 61.8% fib level - grey box area
* We have a long term (buy) - from the grey box area depending on future price action
