Forex Trading Library

GBPJPY Double or Triple Zigzag?

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The GBPJPY pair is currently 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 under construction.

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

Most likely, the wave Ⓩ takes the form of a triple zigzag, in which four parts look finished. In the next coming trading weeks, growth is likely within the final intermediate wave (Z).

The completion of the entire wave Ⓩ is possible near 184.74. At that level, wave Ⓩ will be equal to wave Ⓨ.

In the second variant, the market builds not a double, but a triple zigzag of the cycle degree w-x-y-x-z. The intervening wave x could take the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ of the primary correction have ended.

Perhaps in the near future, the market will fall in the last wave Ⓩ to 148.14. At that level, wave x will be at 50% along the Fibonacci lines of actionary wave y.

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