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.

Roelant
2016-06-26
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...
Jonathan
2017-10-24
Your work is exceptional and glad I found you.
Darryl
2014-09-14
Love the good work, most accurate I’ve found in my research. Darryl