GBP/USD Wave Analysis: 03/01/2019-03/08/2019
LiteForex | Mar 01, 2019 09:30AM ET
The pair USD/JPY is still likely to grow. Estimated pivot point is at a level of 110.33.
Main scenario: long positions will be relevant above the level of 110.33 with a target of 112.60 – 113.67.
Alternative scenario: breakout and consolidation below the level of 110.33 will allow the pair to continue declining to the levels at 108.46 – 107.32.
Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the local correction finished forming as wave 2 of (C) on the H4 time frame and the first counter-trend wave of junior level i of 3 of (C) is forming at the moment. Apparently, the wave (iii) of i is forming on the H1 time frame. If this assumption is correct, the pair will continue to rise to 112.60 – 113.67. The level 110.33 is critical in this scenario.
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