BUY GBPJPY after next retracement ( ELLIOT WAVE THEORY )
MAJOR TIMEFRAME
By using elliot's wave theory I believe we are still in an uptrend in the Major Timeframe for GBPJPY. Based on my mapping i believe we are currently completing LEG C of the Zigzag corrective structure in the major timeframe which should go above the start of LEG A. As for LEG C I will be expecting it to unfold in a 5 waves up pattern.
MINOR TIMEFRAME
Looking at the minor timeframe we may see a short pullback possibily a 76.4% retracement of the previous triangle / 5 waves up before pushing further up to complete Wave 1 of the expected 5 waves up.
Please do note that we are at the end of the year. Therefore we may see alot of unpredictable movement and volatility in the Markets. If I am taking up any position in the next 2 weeks, It will only be from a low risk zone (nearest point to the invalidation level). Besides that I still expect the market to have a good push up in the long term.
By using elliot's wave theory I believe we are still in an uptrend in the Major Timeframe for GBPJPY. Based on my mapping i believe we are currently completing LEG C of the Zigzag corrective structure in the major timeframe which should go above the start of LEG A. As for LEG C I will be expecting it to unfold in a 5 waves up pattern.
MINOR TIMEFRAME
Looking at the minor timeframe we may see a short pullback possibily a 76.4% retracement of the previous triangle / 5 waves up before pushing further up to complete Wave 1 of the expected 5 waves up.
Please do note that we are at the end of the year. Therefore we may see alot of unpredictable movement and volatility in the Markets. If I am taking up any position in the next 2 weeks, It will only be from a low risk zone (nearest point to the invalidation level). Besides that I still expect the market to have a good push up in the long term.
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