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Elliott Forecast

Daud Bhatti

GBPJPY is Showing a Incomplete Bearish Sequence

December 21, 2023 By

Short Term Elliott Wave View in GBPJPY shows that it has ended wave ((3)) at 188.66. Pullback in wave ((4)) is currently in progress as a . Down from wave ((3)), wave A ended at 185.06 and wave B ended at 186.18. Wave C lower made a strong drop ended at 178.47 which completed wave (W). The yen pair then corrected in wave (X) as a zigzag structure. Up from wave (W), wave A ended at 182.04 and wave B ended at 180.45. Wave C higher ended at 184.32 which completed wave (X).

The GPBJPY then turned lower in wave (Y). Down from wave (X), wave ((a)) ended at 178.32 breaking the low of wave (W) opening the idea of a incomplete bearish sequence. Wave ((b)) pullback was very high retesting wave (X) ended at 184.17. The yen pair is now trading lower in wave ((c)) of W. Down from wave ((b)), wave (i) is expected to end soon, then it should pullback in wave ((ii)), followed by further downside in wave (iii) of ((c)). Then, as far as pivot at 184.18 high remains intact, the GBPJPY has scope to see further downside in a larger double three in wave (Y).

GBPJPY 60 Minutes Elliott Wave Chart

GBPJPY Elliott Wave Video

Source:-forecast.com/forex/gbpjpy-showing-double-correction-progress/

21/12/2023 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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Daud Bhatti

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