GBP/JPY - Bottom to be found between 156.02 - 156.21

GBP/JPY - Bottom to be found between 156.02 - 156.21

GBP/JPY - Bottom to be found between 156.02 - 156.21 

The decline from the 163.89 high has been relentless, but it's only part of an expanded flat correction and once the low is found a new strong rally higher should be seen. 

The low should be found in the 156.02 - 156.21 area. At 156.21 we have the magic 70.7% corrective target of wave [i] (I know that the 70.7% corrective target isn't a Fibonacci number, but it's seen more often holding back corrections to be a mere coincident). the 156.02 target is the limit for wave five of the small ending diagonal that has developed over the last couple of days. As the name "ending diagonal" says it marks the termination of the move and once finished a sharp reversal is expected.

The first indication of a bottom being in place is a break above minor resistance at 157.24, while a break above 158.01 confirms the low for a strong rally higher in wave [iii]. This rally will eventually take us back above the 163.89 top and longer term much more upside is expected.  

When a 1+ is highlighted in the right hand corner, more charts is available, in this chart-pack 2 charts can been seen. To see the other chart, click on the chart, which blows it up and in the center part at the bottom a control panel will be highlighted. Use the arrow to see the additional chart. 

 

Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane
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...
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