GBP/JPY Elliott Wave Analysis: More Upside After 3 Waves Back
Elliott Wave Forecast | Jan 19, 2017 04:19AM ET
GBP/JPY rally from 1/16 low (136.42) is unfolding as a 5 waves impulse which is expected to complete wave ((i)) of a Minute degree, as shown below in the 1 hour Asia chart from 1/19/2017. As far as momentum divergence is intact between wave (iii) and wave (v) of Minute degree, the impulse structure remains valid.
Elliott wave theory suggest that after a 5 waves move (unless 5 waves complete wave C of a FLAT structure), there should be a 3 waves pull back and another 5 waves move in the same direction higher. So after finishing the first leg higher in wave ((i)), pair should see a 3 swing pullback soon today before another extension higher happens in 5 waves as far as pivot at 1/16 low (136.42) remains intact.
GBP/JPY 1 hour chart 1.19.2017
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