GBPJPY seems to be forming a large corrective triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ pattern. The final wave Ⓩ could take the form of an intermediate double zigzag (W)-(X)-(Y).
It is assumed that two sub-waves (W) and (X) have already been formed. Now the last actionary wave (Y) is being built, which can take the form of a double zigzag W-X-Y. To complete this double zigzag , a minor sub-wave Y is needed.
Bulls are targeting the price of 176.39. At that level, wave (Y) will be at 76.4% of previous actionary wave (W).
Let’s consider an alternative scenario, as seen above. According to this, a bearish intervening wave x is formed. It can end in the form of a triple zigzag, for the construction of which a final sub-wave Ⓩ is needed.
The current structure of the primary wave Ⓩ suggests an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). The first four zigzag sub-waves have already been completed. In the near future, we expect a fall in the sub-wave (Z) to 148.27.
At the specified level, wave Ⓩ will be at 123.6% of actionary wave Ⓨ.
Test your strategy on how the GBPJPY will fare with Orbex
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.orbex.com/blog/en/2023/02/gbpjpy-bullish-trend-to-reach-176-39
- 39
- a
- above
- According
- already
- alternative
- and
- assumed
- bearish
- being
- built
- Bullish
- Chart
- complete
- Completed
- Consider
- construction
- could
- Current
- double
- expect
- Fall
- final
- First
- form
- formed
- future
- GBPJPY
- How
- HTTPS
- in
- Intermediate
- intervening
- IT
- large
- Last
- Level
- live
- max-width
- minor
- Near
- needed
- Pattern
- plato
- Plato Data Intelligence
- PlatoData
- previous
- price
- primary
- reach
- scenario
- seems
- specified
- Strategy
- structure
- Suggests
- Take
- targeting
- The
- to
- Trend
- Triple
- W
- Wave
- which
- will
- X
- Your
- zephyrnet