EverythingForex

UPDATE: ANALYSIS: GBPJPY - Change In Wave Count. Still Bearish

FX:GBPJPY   British Pound/Japanese Yen
839 0 22
I just want to update this real quick since I posted an analysis on it. Due to recent price action             , I am switching to my alternate count on this pair.

DAILY CHART
What jumps out to me is that this pair is in a strong down trend. In that there is no doubt. In fact. from the point where I have the wave (2) ending, the whole move down could actually be labeled an incomplete wave (3). This would definitely fit the mold of a decelerating impulse wave. The wave count is valid as well. In fact, to me this wave count actually makes a whole lot more sense. Under this model, the theory of alternation fit right in as well. Wave 2 was a zigzag and now wave 4 is looking as if it will be some kind of flat as it should be. Complex though it might be. So for now, I am switching to this alternate count until it is proven wrong. Under this model, IF prices during this consolidation should break into the price territory of the wave 1, then I will be looking at going to a bullish model.

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