dionvuletich

GBPJPY Weekly 5 wave decline

FX:GBPJPY   British Pound/Japanese Yen
111 0 8
GBPJPY             possible scenario

Just broken out of symmetrical triangle, common in wave 4's
Projecting fib clusters based on the marked 5 wave pattern there is a cluster at 120.00 - 116.00 which is still 1,400pips lower

Reward to risk wise this is not a great proposition right now, so what I suspect will happen is:
a) a rally into a lower time frame supply level to re-establish shorts this will likely retest and/or exceed the triangle breakout level or
b) drift sideways and spike up to test the 10 or 20week ema then fail

Will track the gbp pairs in the coming weeks but there is a risk of a relief rally soon which would be a nice time to prepare to position short again
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