GPY/JPY Potential Long Term Buy
Updated
This structure looks like an Elliot Wave "Expanded Flat", which contains a 3-3-5 structure; three waves down, then three waves up, followed by five waves down. Another note to mention, a very notable quality of expanded flats is that the second wave of three breaks beyond the high or low of the first wave of three, which has happened here. Price has also reached the bottom of my Schiff Pitchfork and is now starting to break and retest its lower lines. To confirm this prediction, I would like to see price break above and retest the lower median line of this pitchfork.
Note
TARGETS - How rude of me to not include targets... If price goes bullish, I expect at the minimum for price to reach the center median line. I can see the CML is very confluency with the 2.00 level of my Fib Extension (Price Level 155.917) drawn from the potential beginning of the new trend, which is a common area I exit my trades. Ultimately however, LONG term, I expect price to hit the 4.00 level of the Fib Ext (Price Level 159.955), which at the moment is in confluence with both the 1.272 of the regular retracement (Price Level 159.986) I drew from the top of the structure and also the top area of the pitchfork opposite of where it is now. When I trade corrections the 1.272 of the regular retracement is a strong final target level. My bad that's it.Note
Target One of Center Median Line/2.00 Fib Extension Reached.Note
Target Two of 1.272/4.00 of the Fibonaccis hit. Can GJ go higher from here? Who knows! TRADE OR DIE!
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