GBPJPY - Change in scenario and downtrend
In the weekly chart, the 5th wave of the Diagonal pattern is not completed yet, the B wave from this point is completed in the range of 156.11. In C wave there is a possibility that a Diagonal pattern is formed, which we are currently in C wave from point 3 of this pattern
( Weekly Chart )
In the daily chart
Wave 2 of the Diagonal pattern is in the form of Expanded Flat, which is completed in the range of 147.96. In wave “3”, the first wave “A” ended in the range of 124.08 and wave B ended with a 3 wave movement in the range of 142.71. currently the price is in wave III from point 3.
( Daily Chart )
By monitoring the details of sub-waves in the 240-minute chart, the wave ii from point 3 in the range of 140.70 and has been completed with the Diagonal pattern, which confirms the completion of the price crossing in the range of 138.80. Also, to receive the confirmation for the downtrend, the price needs to break the range of 134.37 with 5 downtrend waves.
Also, the targets of this downtrend in the daily chart can be in the range of 124.80. And the main target is in the range of 112 to 114.
In the daily chart
Wave 2 of the Diagonal pattern is in the form of Expanded Flat, which is completed in the range of 147.96. In wave “3”, the first wave “A” ended in the range of 124.08 and wave B ended with a 3 wave movement in the range of 142.71. currently the price is in wave III from point 3.
( Daily Chart )
By monitoring the details of sub-waves in the 240-minute chart, the wave ii from point 3 in the range of 140.70 and has been completed with the Diagonal pattern, which confirms the completion of the price crossing in the range of 138.80. Also, to receive the confirmation for the downtrend, the price needs to break the range of 134.37 with 5 downtrend waves.
Also, the targets of this downtrend in the daily chart can be in the range of 124.80. And the main target is in the range of 112 to 114.