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Elliott Wave View: GBPJPY Recovery Nearing Completion

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Short term Elliott Wave View on GBPJPY shows the decline to August 12, 2019 low (126.52) ended wave 3. From there, pair is doing a recovery in wave 4 with the internal unfolding as anElliott Wave double three structure. This suggests the current rally takes the form a corrective structure and the bias remains to the downside. Up from 126.52, wave ((w)) ended at 129.22 with internal subdivision as a zigzag. Wave (a) of ((w)) ended at 127.09, wave (b) of ((w)) ended at 126.75, and wave (c) of ((w)) ended at 129.22. Wave ((x)) pullback corrected the zigzag rally and ended at 127.41.

Pair then extends higher within wave ((y)) with the internal subdivision as another double three in lesser degree. Up from 127.41, wave (w) ended at 129.57 and wave (x) pullback ended at 128.92. Wave (y) of ((y)) remains in progress towards 130.15 131.85 area. This rally should also end wave 4 in larger degree. Sellers are expected to appear from this area for further downside or a 3 waves pullback at least. We dont like buying the pair and continue to expect rally to fail in the sequence of 3, 7, or 11 swing.

GBPJPY 1 Hour Elliott Wave Chart

Elliott Wave View: GBPJPY Recovery Nearing Completion

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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