Fri, Dec 09, 2022 @ 16:20 GMT
HomeContributorsTechnical AnalysisGBP/JPY: Intermediate Double Zigzag Likely to Complete Cycle Trend Near 176.25

GBP/JPY: Intermediate Double Zigzag Likely to Complete Cycle Trend Near 176.25

GBPJPY seems to be forming a global corrective trend, taking the form of a double zigzag. On the 1H timeframe, the final part of this trend is visible – the actionary wave y of the cycle degree.

It seems that the wave y takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree, which may soon be fully completed. After the end of the second intervening wave Ⓧ, which took the form of a triple combination, the price began to move up.

Most likely, the wave Ⓩ takes the form of a double zigzag, in which the first two parts look finished. In the next coming trading weeks, growth is expected within the final intermediate wave (Y).

The completion of the entire wave Ⓩ is possible at 176.25. At that level, wave Ⓩ will be at 76.4% of wave Ⓨ.

In the second variant, the market builds not a double, but a triple zigzag w-x-y-x-z of the cycle degree. And now its fourth part is being formed.

Thus, in the last section of the chart, we see a corrective movement in the cycle wave x. This wave, judging by its structure, may take the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

It is possible that the market will fall in the last wave Ⓩ to 146.46. At that level, cycle wave x will be at 50% along the Fibonacci lines of actionary wave y.

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