Elliott Wave View: GBPJPY Correction Can Extend

Elliott Wave View: GBPJPY Correction Can ExtendJune 24, 2022ByEWFHendra

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 adouble three Elliott Wave structure. 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:https://elliottwave-forecast.com/news/elliott-wave-view-gbpjpy-correction-can-extend/

# Technical Analysis

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

  • Top
  • Latest
  • RL7741
    ·2022-06-27
    Thanks for sha ring
    Reply
    Report
  • gravitytogo
    ·2022-06-27
    ok
    Reply
    Report
  • Brencakes
    ·2022-06-27
    👍🏻
    Reply
    Report
  • Elsa Beh
    ·2022-06-27
    Great
    Reply
    Report
  • Newnew
    ·2022-06-27
    Hi
    Reply
    Report
  • soo hoo
    ·2022-06-27
    thx
    Reply
    Report
    Fold Replies
    • soo hoo
      ok
      2022-06-27
      Reply
      Report
  • S_t_x_q_96
    ·2022-06-27
    nice
    Reply
    Report
  • Wayne Inc.
    ·2022-06-27
    👍🏻
    Reply
    Report
  • Investorpw
    ·2022-06-27
    Ok ay
    Reply
    Report
  • raybcs
    ·2022-06-27
    Thanks
    Reply
    Report
  • MarLar
    ·2022-06-27
    👍
    Reply
    Report
  • TheinHtut
    ·2022-06-27
    👍
    Reply
    Report
  • Jjsh
    ·2022-06-27
    Ok
    Reply
    Report
  • Soonsoon
    ·2022-06-27
    [微笑]
    Reply
    Report
  • choonhong1
    ·2022-06-27
    Nice
    Reply
    Report
  • chtan1117
    ·2022-06-27
    up
    Reply
    Report
  • Huanrong
    ·2022-06-27
    like
    Reply
    Report
  • shawnpam
    ·2022-06-27
    gogo
    Reply
    Report
  • VincentG17
    ·2022-06-27
    Nice
    Reply
    Report
  • LHC0511
    ·2022-06-27
    ok
    Reply
    Report