Forex Trading Library

GBPJPY Bullish Correction to End Near 173.37

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In the long term, a large wave y can be built on the GBPJPY pair as a triple zigzag. The final sub-wave Ⓩ is formed and is similar to a double zigzag.

Perhaps two sub-waves (W) and (X) are constructed. The last actionary wave (Y) is currently under development. This can take the form of a triple zigzag W-X-Y-X-Z. To complete this pattern, a minor sub-wave Z is needed.

Bulls look to aim at the level of 173.37. At that level, minor wave Z will be 161.8% of wave Y.

An alternative scenario suggests the construction of a bearish intervening wave x of the cycle degree. This can end in the form of a triple zigzag.

The structure of the final primary wave Ⓩ, at the time of writing the review, suggests an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). The first four zigzag sub-waves have ended. In the next coming trading days, we are waiting for a drop in the sub-wave (Z) to the mark of 152.50.

At that level, wave Ⓩ will be at 100% of actionary wave Ⓨ.

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