GBPJPY Daily
GBPJPY has respected the impulse wave1 rules of the Elliot Wave Principle. Looking at the price retracement and the change in time we anticipate a corrective wave2 currently forming. Wave2 often retraces deep (50-61.8% of wave1). We further anticipate the formation of a Zigzag type formation. If waveB retraces more than 75% of waveA we will then anticipate a Running Flat (irregular) formation for wave2. A successful close of price above the start of wave1 will signal the possibility for long entries.
Disclaimer: arrows just show overall direction and not entry/exit levels.
Disclaimer: arrows just show overall direction and not entry/exit levels.
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