GBPJPY - Long Signal - Elliott Wave Analysis (May 2020)

GBPJPY completed the complex Triple Three correction within Intermediate (B) (green).
Bullish INtermediate (C) (green) should commence.

Technicals in favor:

- Bullish Divergence
- Fractal Sequence
- Descending Channel (bull-flag)
- 50% FR of Intermediate (A)(green)
- FR & FE Confluence
- Bullish Harmonics

* 61.8% of the Intraday rise should be holding.

GBPJPY - BUY Signal - Lionheart EWA

- Entry @ 130.35
- SL @ 129.00
TP @ 133.50 / 135.00 / 137.00 / 139.00 / 140.00 / 141.00

Many pips ahead!

Comment:

Intraday Bearish Divergence will most likely push GBPJPY lower, in a wave 2 correction. Expecting a Zig-Zag correction. Levels will be updated, but 131.35 should be watched.

Trade active:

GBPJPY is at the 61.8% FR of the impulsive swing.

Trading is now active from 130.65 , with SL @ 129.00

* Important Notes:
- Anything lower than 128.150 would invalidate the wave 2 scenario. This would delay the bullish swing, in which case 128.25 would be the next entry level.

Many pips ahead!

Comment:

Strong resistance coming up.
Maintenance such as SL at BE would be a good idea.

If GBPJPY breaks out, then Intermediate (C)(green) is in play.
If the upper trend-line acts as resistance, then the structure could become a bit more complicated, leaving the lower entries as the next interpretation.

Comment:

GBPJPY delivered 650 pips in favor of the bullish expectations.
Targets 1-2-3 reached!

Now, let's update a bit:
The bullish sequence in Intermediate (C) (green) does not look impulsive, due to the potential Running Contracting Triangle in Minor B (blue).
It is a Motive structure, but it could be a Diagonal.

The current corrective structure needs to be watched, because a breach of the Wave 4 Fibs would pave the way for a larger degree structure.

Congrats to those who followed!