Analyticssage

GBPJPY, Elliot wave analysis

Short
FX:GBPJPY   British Pound / Japanese Yen
We are getting close to an important resistant point:

1- it confirms with Fibo ratios
2- we have the downtrend invalidation level
3- it confirms with reverse RSI method

I think the market will reverse after getting close to the invalidation area
if the invalidation gets hit, I will change the analysis
For now I consider a bearish count
Comment: this is the 30 min chart:

wait for the pullback, Don't buy now
Comment: this is the last wave in 1h chart

I am expecting to see a choppy movement at the end of the wave
the 5 min chart should look like this:

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Trade closed: target reached: got to the predicted target that I predicted, perfect. now I am gonna start to look for sell signals.
the fact that we have meet the target area does not mean it will crash it only means the market followed the story I had in mind. I am gonna look for sell signals. and when I find it I will sell
Have a good weekend :)
Trade closed: target reached

Comments

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