Daily GBP/JPY analysis

Hi, 132.72 is the critical line for ur buy entry. If the price break the line, then u may have big problem. And in case u r in profit, put ur Stop Loss at 135.01 if u want to hold. Good luck.


Please be noted that a further breakout to the major bullsih continuation critical line 1 would bolster towards either the alt counts in magenta or yellow (horizontal triangle abcde). Otherwise a breakout to the major red lower trendline and later to the bearish continuation critical line 1-2 would bolster towards the alt count in white to perform major corrective wave b. Therefore, please confirm any favourable counts from BSTS later. Good luck.

At this moment, the waves is getting more complicated. Preferably, I'm looking forward for a bearish retracement trend either to complete subwave 2 in yellow or corrective wave b in white. A valid diagonal triangle pattern, bullish trap scenario and a breakout to the lower white trendline would bolster towards the alt count in white. Otherwise market have to make a strong breakout toward the bullish continuation critical line 2 to bolster the alt count magenta (which is look slightly invalid). Please be extra careful. Good luck.

can some explain to me what is and how can i implement to my platform
the QQE...? please if someone can take the time...

hi, sry I'm not using QQE, Maybe u can search in this forum or go to Auslanco thread. Good luck.

Please be noted that due to the breakout, I made a recount referring to the alt counts in yellow and white. Eventhough, favourably market in bullish trend (maybe magenta) but please be extra careful, since I believed market will perform a bearish retracement trend either to complete the latest alt counts either to perform wave in white or major corrective wave b in yellow within this week. A bulllish trap and double top scenario would bolster this scenario. Otherwise we may see another breakout to complete subwave iii in magenta (please refer FE 161.8%). Good luck.

Favourably, I believed market in bearish retracement trend either to perform wave 2 in white or major corrective wave b in yellow before expecting for another bullish continuation trend. Therefore, please watch all critical lines and trendlines for any breakout to confirm. Good luck.

At this moment, I'm looking forward for an opportunity of bearish retracement trend either referring to the alt count in white or yellow before expecting for another bullish continuation trend later. But please be extra careful, since subwave b (cyan) could perform a double top pattern. As long the yellow critical line is remain intact, this scenario would still be valid. Good luck.

Preferably, I believed market in progress to perform corrective subwave b in cyan before expecting for another bearish continuation trend to perform either wave 2 in white or subwave c in b (yellow). But, please be careful for any breakout towards the yellow critical line. Good luck.

OMG, after looking at your charts, I pity you. I see you spending countless hours every day trying to count those useless Elliot waves and making a few tens of pips on GY. With all due respect, if you value your life and time, go to J16, learn to trade on Daily and have a fun life otherwise.

Its worth it.

Favourably, I'm looking forward for a major retracement trend to perform major corrective wave b in 5 downtrend wave structures according to the alt count in yellow. But, please be careful for any horizontal triangle corrective pattern abcde referring to the alt count in magenta. Therefore, please confirm any possibility trend from BSTS and any breakout later. Good luck and happy weekends.

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Most possible that a Bull is loose on the GBP/JPY or GJ as we fondly call it. There is an Minor double top formation with tops at 141.75. As long as the top is held we may consider the double top formation.The Target should ideally be at 135.60 for the Double Top Formation. But considering that GJ touched 136.75 on Friday It may be possible that the down move is negated. This is as 136.75 is the higher level or possibly considered as the neckline for the Inverse Heads & Shoulders formation on GJ Hourly Chart. The Inverse heads and shoulder pattern gives us an Target of 154.75 ideally. We can consider trading longs only till such time. Especially above 141.75 Its a Bull running Loose. In case the Lower level of 135.60 is breached the pattern is negated but 141.75 will remain to be a very important level for future use. So mark this level on your charts. As long as it doest breach the low of 118.82 this could be another major Inverse Heads & Shoulders pattern with neckline at 141.75.
In Such a case the left white space would be considered as the left shoulder. So keep a watch on this for longer term gains.

Preferably, I'm looking forward for a bearish retracement trend either to complete subwave 2 in white or major corrective wave b in yellow. A further downside woudl bolster this scenario. But, please be careful for any upsidea trend referring towards the alt count in magenta. Good luck.

At this moment, I believed the alt count in magenta is already invalid. Therefore, unless there is any bounce from the major lower white trendline (white), I'm believed market will perform a bearish continuation trend to perform subwave iii in b (yellow). Please be careful and confirm which alt counts (either in white or yellow) that is more preferable from BSTS and any breakout later. Please be noted, there will be an NFP announcement this friday. Good luck.

Double Top Target achieved at 135.60. Now are we resuming the upwards move?

Preferably, I believed market will perform another bearish continuation trend either to complete wave 2 in white or subwave 3 in iii (yellow) before expecting for another bullish continuation trend. A breakout towards the lower white trendline and white critical line would bolster to the alt count in yellow scenario. Otherwise, we may see a bullish continuation trend according to the alt count in white. Good luck.

So we now have a clear breakout on GBP/JPY. The targets for the triangle pattern would be well above 141.75 levels. Breaking above 141.75 would mean considering the current scenario a larger Inverse Heads & Shoulders Pattern which we discussed initially.

Keep Watching - Long Positions Favored

Just a prediction. The counting can be wrong but it is subjective anyway. I tried to stick to the rules as close as possible.

At this moment, price already break the upper green trendline which bolster towards the alt count in white. But, as long the yellow critical line is remain intact, I'm still looking forward for any possibility towards a bearish retracement trend to perform major corrective wave b in yellow. Please confirm either trend from any breakout/pullback and BSTS later. Good luck.

p/s : tq both for sharing ur analysis.

Please analyse the latest possible alt counts. With condition the yellow critical line is remain intact, I believed we shall see a bearish retracement trend either to complete subwave ii in magenta or subwave iii in yellow. Otherwise a further breakout to the yellow critical line, this would favour towards the alt count in white. Please be careful and good luck.

I thought I would contribute my 2 cents.

Strongly Bullish until price closes underneath middle BB.