The current GBPJPY formation hints at a triple zigzag formation. The primary degree pattern consists of waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Currently, the last corrective part in wave (Z) is under development. It takes the form of a simple zigzag (A)-(B)-(C) of the intermediate degree.
Sub-waves (A) and (B) are fully completed as a leading diagonal and a simple zigzag, respectively.
In the short term, we can expect prices to extend to the high of wave Ⓨ,near 129.69.
An alternative scenario suggests that intervening wave Ⓧ is going to correct to deeper territories.
Intermediate waves (A) and (B) have completed as a leading diagonal and a triple zigzag, respectively.
Therefore, in the near future, we could see a decline in wave (C) down to the previous low of 131.78.
Following that, the market could rise in primary wave Ⓩ.
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