GBPJPY - 10,000pip Setup ALMOST Ready!

In our last setup for GBPJPY, we identified a massive diagonal pattern, with price completing wave 4 and preparing for a multi-year drop into wave 5.

Since then, price has played out exactly as forecasted - we've seen a clean impulse lower for wave 1, followed by an ABC correction for wave 2, which is almost complete.

The Correction:
The correction is made out of 3 major waves = ABC. Wave C appears to be an ending diagonal, which is typically a reversal pattern consisting of 5 waves in the form of an ascending wedge.

We expect to see one final move higher, reaching the 78.6 fibonacci, thus completing the 5 waves of the ending diagonal.

Trade idea:
- Watch for wave 5 of the diagonal to develop
- Once we reach the fib, look for a trendline that we can use for entry
- once entered, stops above the breakout highs
- Targets: TP1: 192, TP2: 180, TP3: 175
- Final Target: Trail for extended move toward wave (3) lows (could be 10,000+ pips over long term)

This sets the stage for the next major leg - wave 3 of 5 - which historically carries the most power and momentum.

What do you guys think? Goodluck and as always, trade safe!