$GBP vs $JPY 4H Chart.Incomplete Flat Pattern | #gbp #jpy #forex
Traders,
Previous GBPJPY development from 135.595 ( end price of (a) corrective wave) has completed unfolding into a corrective Zig-Zag pattern to 152.862 (end price of (b) corrective wave)
Labelled in minuette degree, a. - b. - c. and subdividing 5-3-5, the Zig-Zag can be ‘proofed’ using fib-price-ratios.
What can be derived from this Zig-Zag is that GBPJPY remains within a larger corrective structure, possible of a flat pattern (an expanding or a running flat).
Original downside targets for the next impulsive wave (c) are towards 139.000(+/-) for a running flat or 133.000(+/-) for an expanding flat where fib-price ratios confluence pinpoint.
Should expect a price-rejection around these levels which would be corroborated if a preceding high would be broken, and/or the upswing develops into a five wave sequence.
Trade with Discipline
Best
Previous GBPJPY development from 135.595 ( end price of (a) corrective wave) has completed unfolding into a corrective Zig-Zag pattern to 152.862 (end price of (b) corrective wave)
Labelled in minuette degree, a. - b. - c. and subdividing 5-3-5, the Zig-Zag can be ‘proofed’ using fib-price-ratios.
What can be derived from this Zig-Zag is that GBPJPY remains within a larger corrective structure, possible of a flat pattern (an expanding or a running flat).
Original downside targets for the next impulsive wave (c) are towards 139.000(+/-) for a running flat or 133.000(+/-) for an expanding flat where fib-price ratios confluence pinpoint.
Should expect a price-rejection around these levels which would be corroborated if a preceding high would be broken, and/or the upswing develops into a five wave sequence.
Trade with Discipline
Best
Note
One more move upNote
Still in correction, don't miss the break Note
Broke out, looking for some correction to buy Note
Target hit, monitoring price for the next move
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.