Friday, July 4, 2014

Elliott wave analysis of GBP/JPY - Top in place at 175.39?


GBP/JPY top in place at 175.39?

All requirements for a top being in place at 175.39 has been fulfilled, all we need now is a break below support at 174.42, to give us the first strong indication, that the top is in place at 175.39.

That said, we have to respect the uptrend as long as support at 174.42 protects the downside. But even if support at 174.42 will be able to protect the downside for a new high above 175.39, the possible rally should be very limited.

My preferred count is that we already has seen the high for wave B of the flat correction and wave C is about to develop, but we need some hard evidence that the top is in fact in place. Once the top of wave B is confirmed look for a powerful decline in wave C to below 163.82.

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2 comments:

  1. thanks EWS, maybe GJ will go till 200 one day but it has to take a rest for a while.

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    1. Hi Marjan,

      I do expect to see 200 tested at some point, but not just yet.

      I agree we need some more downside action before a new major rally should be expected.

      Kind regards
      EWS

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