GBPJPY out of bearish triangle and heading down on the daily.

FX:GBPJPY   British Pound / Japanese Yen
312 4 4
GBPJPY             is no longer behaving impulsively to the upside, and it looks like a wave C down at least is necessary before further upside can be made from an EW perspective. I am bearish under 173.4.

USD may have a tough time this week as gas contracts will likely be signed in china denominated in Ruble/Yuan.
Would you consider this as alternative?
+1 Reply
wael Deus
Well from a point of view the previous one much accurate , I'm saying this depending totally on the breakdown of the long weekly trend @170.790 Friday which closed under it , there for if it's not a false break , we may expect a further drop to the downside after retesting this long trend , this is the main idea , the only thing i'm afraid of is the long spikes
bottom of line : expect new Elliott wave to the down side , if any daily candle closes above the trend then all of this scenario will be void
yes also quite possible however I chose the alternate scenario because of the typical e wave over shoot, while the triangle seems to have broken to the downside.
+1 Reply
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