Forex Trading Library

GBPJPY Double Zigzag To Complete Cycle Trend

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GBPJPY seems to be forming a global corrective trend, taking the form of a double zigzag. On the 1H timeframe, the final actionary wave y of the cycle degree is visible.

It seems that the wave y takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree. After the end of the second intervening wave Ⓧ, which took the form of a triple combination, prices moved higher.

Most likely, wave Ⓩ takes the form of a double zigzag. In the next coming trading weeks, growth is expected within the final intermediate wave (Y).

The completion of the entire wave Ⓩ is possible at 176.25. At that level, wave Ⓩ will be at 76.4% of wave Ⓨ.

In the second variant, the market builds not a double, but a triple zigzag w-x-y-x-z of the cycle degree.

Thus, in the last section of the chart, we see a corrective movement in the cycle wave x. This wave, judging by its structure, could take the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

It is possible that the market will fall in the last wave Ⓩ to 146.46. At that level, cycle wave x will be at 50% along the Fibonacci lines of actionary wave y.

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