Major BUY After Wave 2 Retracement (ELLIOT WAVE THEORY)
Major Timeframe
For GBPJPY, i believe we are currently in a flat corrective structure after a 5 wave move down. Within the flat structure we seem to be in the final Leg C which should unfold in a 5 wave movement up.
Mnor Timeframe
As mentioned we are currently in the C Leg of the flat which should unfold in a 5 wave movement up. Within the 5 Wave pattern up we are currently completing the 1st Wave. Narrowing down smaller, within that 1st wave we are currently in its 5th and final wave. Upon the completion of that we may see a deep retacement for Wave 2 (up to 71.6% of Wave1) before going up again for Wave 3 of the 5 expected waves .up
Entry
1. I will be looking to buy for Wave 5 of Wave 1. The length of Wave 5 usually is similar to the length of Wave 1
2. After that, I will be looking for sell setups for Wave 2 after the completion of Wave 1
3. After Wave 2, Major Buy for Wave 3 all the way till the completion of the 5 expected waves for LEG C of the flat corrective structure
For GBPJPY, i believe we are currently in a flat corrective structure after a 5 wave move down. Within the flat structure we seem to be in the final Leg C which should unfold in a 5 wave movement up.
Mnor Timeframe
As mentioned we are currently in the C Leg of the flat which should unfold in a 5 wave movement up. Within the 5 Wave pattern up we are currently completing the 1st Wave. Narrowing down smaller, within that 1st wave we are currently in its 5th and final wave. Upon the completion of that we may see a deep retacement for Wave 2 (up to 71.6% of Wave1) before going up again for Wave 3 of the 5 expected waves .up
Entry
1. I will be looking to buy for Wave 5 of Wave 1. The length of Wave 5 usually is similar to the length of Wave 1
2. After that, I will be looking for sell setups for Wave 2 after the completion of Wave 1
3. After Wave 2, Major Buy for Wave 3 all the way till the completion of the 5 expected waves for LEG C of the flat corrective structure
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