GBP/JPY moving lower to 169.45

GBP/JPY moving lower to 169.45

We have finally seen the break below the channel support-line at 171.35, which confirms that wave C lower to at least 163.28 longer term.

We saw the top of the impulsive rally from mid-January 2012 at 117.26 at 174.85 in early January 2014 and has since seen an expanded flat correction unfolding. Wave B of this correction, did break slightly above the origin of wave A and therefore this correction is an expanded flat. Wave C should at least see a decline to 163.28 where wave C will be equal in length to wave A and wave C should unfold in an impulsive manner (five wave decline).

Short term we should see a break below 170.52 call for a decline to 169.45, but that should just be a minor stop on the way lower towards 163.28.

Duane
2018-03-03
Hey EWS,

I just wanted to thank you for posting your charts. They are of great help to me. Your charts are a great teaching aid for learning Elliott Wave.

Duane
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
Duane
2014-05-26
Great job this week!! Wish that I had more capital to capitalize on all of your great calls! The ones that I have managed to catch have been extremely profitable. I really appreciate you sharing you v...