$GBP vs $JPY 4H Chart.Incomplete Flat Pattern | #gbp #jpy #forex
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Traders,
Previous GBPJPY development from 135.595 ( end price of (a) corrective wave) has completed unfolding into a corrective Zig-Zag pattern to 152.862 (end price of (b) corrective wave)
Labelled in minuette degree, a. - b. - c. and subdividing 5-3-5, the Zig-Zag can be ‘proofed’ using fib-price-ratios.
What can be derived from this Zig-Zag is that GBPJPY remains within a larger corrective structure, possible of a flat pattern (an expanding or a running flat).
Original downside targets for the next impulsive wave (c) are towards 139.000(+/-) for a running flat or 133.000(+/-) for an expanding flat where fib-price ratios confluence pinpoint.
Should expect a price-rejection around these levels which would be corroborated if a preceding high would be broken, and/or the upswing develops into a five wave sequence.
Trade with Discipline
Best
Previous GBPJPY development from 135.595 ( end price of (a) corrective wave) has completed unfolding into a corrective Zig-Zag pattern to 152.862 (end price of (b) corrective wave)
Labelled in minuette degree, a. - b. - c. and subdividing 5-3-5, the Zig-Zag can be ‘proofed’ using fib-price-ratios.
What can be derived from this Zig-Zag is that GBPJPY remains within a larger corrective structure, possible of a flat pattern (an expanding or a running flat).
Original downside targets for the next impulsive wave (c) are towards 139.000(+/-) for a running flat or 133.000(+/-) for an expanding flat where fib-price ratios confluence pinpoint.
Should expect a price-rejection around these levels which would be corroborated if a preceding high would be broken, and/or the upswing develops into a five wave sequence.
Trade with Discipline
Best
Nota
One more move upNota
Still in correction, don't miss the break Nota
Broke out, looking for some correction to buy Nota
Target hit, monitoring price for the next move
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