The current GBPJPY scenario indicates primary sub-wave Ⓧ is complete.
Prices are now moving up in the final wave Ⓩ. This consists of intermediate sub-waves (A)-(B)-(C). Wave (A) is a 5–wave impulse, whereas wave (B) is a simple bearish correction.
Wave (C) is also an impulse and has completed only 4/5ths of the move.
We expect a move in the 5th wave near 144.70. At that level, wave Ⓩ will be at 123.6% of wave Ⓨ.
An alternative scenario shows that we are currently in minor wave 4 of (C).
This could end near 139.71. At this level, prices will be at 61.8% Fibonacci of wave 3.
After the completion of the corrective move, the market could rise in wave 5.
