Long GBPJPY....
The Great Monarch must be smiling right now with the Long Trades he loaded @ 213.75 level.
While everybody was looking for a level retrace to enter short trades, he loaded Longs instead and is catching this big retrace.
I have been counting the wave and so far I have counted 4 and the 5th is still going up. Going higher than 216.60 should confirm 5th wave of Leg A of this wave 4 retrace.
However wave 2 of this wave a was a Zigzag so chances are Wave 4 now will be a FLAT or a triangle...... if you can count 5 legs sporting the 3 wave structure, most likely it is a wave 4 triangle. Then Long TP will probably be around 217.38
But best to watch and count the waves too to make sure.
On the otherhand, I would suggest not to make Long trades at this point as RISK will be higher. Better to wait for the end of Wave A to trade wave B down. Unless you see something I don't on GBPJPY.
The Great Monarch must be smiling right now with the Long Trades he loaded @ 213.75 level.
While everybody was looking for a level retrace to enter short trades, he loaded Longs instead and is catching this big retrace.
I have been counting the wave and so far I have counted 4 and the 5th is still going up. Going higher than 216.60 should confirm 5th wave of Leg A of this wave 4 retrace.
However wave 2 of this wave a was a Zigzag so chances are Wave 4 now will be a FLAT or a triangle...... if you can count 5 legs sporting the 3 wave structure, most likely it is a wave 4 triangle. Then Long TP will probably be around 217.38
But best to watch and count the waves too to make sure.
On the otherhand, I would suggest not to make Long trades at this point as RISK will be higher. Better to wait for the end of Wave A to trade wave B down. Unless you see something I don't on GBPJPY.