Gbpjpy short
Five wave sequence complete by orange marks.
Five wave sequence for fifth wave also complete and start of retracement based on break of big box low.
Trend line breaks as well. Looking for a retest of the small box above the intersection of the trendlines as an area to short. Aiming for an area of support at 88.6% and right before the break of the fourth wave in orange. If it break that fourth wave bottom then looking for further shorts, but based on long term up trend, this may not happen. Instead the 5 wave could be a fractal of a bigger 5 wave so ill be watching for that.
Five wave sequence for fifth wave also complete and start of retracement based on break of big box low.
Trend line breaks as well. Looking for a retest of the small box above the intersection of the trendlines as an area to short. Aiming for an area of support at 88.6% and right before the break of the fourth wave in orange. If it break that fourth wave bottom then looking for further shorts, but based on long term up trend, this may not happen. Instead the 5 wave could be a fractal of a bigger 5 wave so ill be watching for that.
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