The current GBPJPY structure hints to a bullish double zigzag Ⓦ-Ⓧ-Ⓨ, where waves Ⓦ and Ⓧ are fully completed.
Wave Ⓨ consists of intermediate waves (A)-(B)-(C) and has a taken a standard zigzag formation. With waves (A) and (B) out the way, we could now expect a bullish impulse wave (C) to take place. This last wave could be completed above 147.94.
The 147.94 target would respect zigzags’ guideline that wave (C) often ends beyond the correction (A)’s length.
An alternative option seen above suggests that the formation of correction wave (B) has not yet been completed.
If this hypothesis is correct, we could see a short-lived upward (c) move for the completion of a flat correction as part of minor wave C. This could be followed by a decline near 140.45.
At that level, minor impulse C will be at the 61.8% Fibonacci extension of wave A.
