GBPJPY: Did You See This Coming? Wasn't So Obvious BUT....+70

This is the power of wave counting. For the past few days, GBPJPY has been jumping up and down more than an EKG on a jackrabbit! And if you have been trying to trade this while it was jumping like that, I'm sure you have been very frustrated! Trading sideways patterns like that, especially ones that have tight swings like this one is suicide! Only for those that like getting poked in the eye!

But if you can count waves AND look at it from a bird's eye view, then you could've seen what I saw and executed a trade at the right time! When I saw the right time to SELL, I sent out the recommendation to SELL and took the SHORT position myself and now you are seeing the result. And if I am right about how deep this will go, it's FAR from over! All said and done, if it does go all the way down to where I am projecting it will go, we are going to bank +350 pips on this trade!

WAVE ANALYSIS

From the lows where I have the end of the wave X marked where prices bounced off a STRONG support zone that I have marked, I counted 5 waves up. Now I know that I was looking for a wave Y bull wave since I had been counting a 3 wave WXY correction and already counted completed wave W and wave X. Right or wrong? Doesn't matter! What matters is if prices are following what I am counting and projecting. And so far, so good!

Back to the wave count...that initial 5-waves up from the completion of the wave X could not be a completed wave Y. Its too short. So I I could only count that as a completed wave (1) of a possible 5 wave wave Y. So if that was a completed wave (1), then of course, the wave (2) down must follow, right? And when I saw that confusing sideways up and down price action, I knew that I was right because this kind of price action is typical of a wave (2). So all I had to do was be PATIENT and wait for the price action to tell me that it was time to SELL. And you see the results.....

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