Tue, Mar 28, 2023 @ 15:06 GMT
HomeContributorsTechnical AnalysisGBP/JPY Finishing an Upward Correction

GBP/JPY Finishing an Upward Correction

GBPJPY faced a massive decline recently which we see it as a higher degree wave (3) of a five-wave bearish impulse. So, current recovery should be an upward wave (4) correction within downtrend, especially if we respect slow price action and choppy + overlapped wave structure. We can actually see a three-wave A-B-C corrective rally within (4), but the main reason for a corrective movement is a potential triangle within wave B in the middle. We know that triangles cannot occur in wave 2, so it must be wave B as part of an A-B-C correction.

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