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wsbza
Jul 13, 2017 8:08 AM

Ugly triangle?  

British Pound/Japanese YenFXCM

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There are bullish structures for this pair, but if it reverse to the downside sharply, I may consider the possibility of this triangle

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number of other options

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short-term bearish potential

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actually it may end up like what EURCAD did before

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another 3 waves rally is done? ready for further decline?

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bearish count as follows, but the yellow minute wave 2 may look slightly smaller

anyway, a solid break below 141.196 would suggest yellow minute wave 5 is under way, probably re-test the previous low of 138.672
another push above 142.993 would probably burn this wave interpretation into ash

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another possible bearish interpretation

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a potential ending diagonal ?
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