GBPJPY Bulls Are Overstaying Their Welcome
GBPJPY reversed from the resistance zone and broke out the S&R zone and daily ascending trendline impulsively.
According to the EW principle, a three-wave correction in opposite direction follows every impulse move.
That's what is currently unfolding as a bullish corrective move in wave (b) The correction seems to be unfolding as a zigzag and it's about to complete.
Once the correction is completed, the market resumes in the direction of the impulse. The bears have the potential to find a supply around broken S&R that lined up with 61.8 Fib.
What's your opinion on GJ? Let's interact in the comment section.
Good luck on the chart!
Veejahbee.
According to the EW principle, a three-wave correction in opposite direction follows every impulse move.
That's what is currently unfolding as a bullish corrective move in wave (b) The correction seems to be unfolding as a zigzag and it's about to complete.
Once the correction is completed, the market resumes in the direction of the impulse. The bears have the potential to find a supply around broken S&R that lined up with 61.8 Fib.
- Look for the break of the parallel channel for short entries.
- Targets below wave (a) low is plausible in wave (c) of ((b)).
What's your opinion on GJ? Let's interact in the comment section.
Good luck on the chart!
Veejahbee.
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