GBPJPY - Sell at trendline resistance
Price bouncing at 140.3 area was the end of the 5th wave of the down move on the daily.
We are currently in the correction phase, where A has posted, and now we're in the middle of the B wave down.
Within the B wave, the first wave down and second wave up has posted as well. We're looking for the 3rd and final wave down to clean up wave B, and start the major C wave back up.
I posted the FIB to reflect the 3rd wave down in the corrective B phase. 23.6% is what we're looking for to complete the 5 wave sequence, and to also retouch the bottom channel of the falling wedge.
If you notice, we had a fake break out of the wedge, so we need a retest here. It coincides with some other trendines, so we have confluence as well.
I'm long-term bullish on this pair, and expecting a break upward out of the falling wedge.
We are currently in the correction phase, where A has posted, and now we're in the middle of the B wave down.
Within the B wave, the first wave down and second wave up has posted as well. We're looking for the 3rd and final wave down to clean up wave B, and start the major C wave back up.
I posted the FIB to reflect the 3rd wave down in the corrective B phase. 23.6% is what we're looking for to complete the 5 wave sequence, and to also retouch the bottom channel of the falling wedge.
If you notice, we had a fake break out of the wedge, so we need a retest here. It coincides with some other trendines, so we have confluence as well.
I'm long-term bullish on this pair, and expecting a break upward out of the falling wedge.
www.tradingview.com/chart/W1nE3FE4/