Forex Trading Library

GBPJPY Double Zigzag To Complete Bullish Trend

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Chart of GBPJPY

The GBPJPY currency pair is in the final part of a major triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ correction. The final actionary wave Ⓩ takes the form of an intermediate double zigzag (W)-(X)-(Y).

The intermediate wave (W) looks completed at the writing time. And this makes the next few trading days interesting, as a bullish trend is likely within the final actionary sub-wave (Y). This wave could take the form of a double zigzag W-X-Y.

Most likely, bulls are aiming for 176.41. At that level, wave (Y) will be at 76.4% of previous actionary wave (W).

Chart of GBPJPY

In an alternative scenario, a large bearish intervening wave x is currently forming. It could end in the form of a triple zigzag.

The current structure of the primary wave Ⓩ suggests an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). The first four zigzag sub-waves have already ended. We are waiting for a drop in the sub-wave (Z) to 148.30.

At the specified level, wave Ⓩ will be at 123.6% of actionary wave Ⓨ.

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