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Elliott Forecast

Eric Morera

Elliott Wave View: GBPJPY Correction Can Extend

June 24, 2022 By

Short term Elliott Wave in GBPJPY suggests cycle from 12/3/2021 low has ended as wave ((1)) with the rally to 168.7. Wave ((2)) pullback is currently in progress to correct cycle from December 2021 low. Internal subdivision of wave ((2)) is unfolding as a . Down from wave ((1)), wave A ended at 161.31 and rally in wave B ended at 163.8. Pair then extended lower in wave C towards 159.96 and this completed wave (W).

Wave (X) rally ended at 167.856 with internal subdivision as a zigzag structure. Up from wave (W), wave A ended at 166.22 and pullback in wave B ended at 164.44. Final leg higher wave C ended at 167.85 which also completed wave (X). Pair has started to turn lower in wave (Y). Down from wave (X), wave ((a)) ended at 164.63. Expect rally in wave ((b)) to correct cycle from 6/22/2022 high before the decline resumes. Near term, while pivot at 167.85 high and more importantly at 168.7 remains intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower for wave (Y) is 100% -123.6% Fibonacci extension of (W) which comes at 157 – 159.1 area.

GBPJPY 60 Minutes Elliott Wave Chart

GBPJPY Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-gbpjpy-correction-can-extend/

#elliottwave #trading #GBPJPY

24/06/2022 1 EN

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Elliottwave-Forecast.com (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 52 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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Eric Morera

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