Hello there,
Today we have gbpjpy in 1H time frame, and this pair been rising and forming a higher highs and higher lows for weaks now, between parallel lines, in an uptrend channel.
The channel plays an important role in both classical technical analysis and Elliott wave theory.
As Edwards and Magee define a channel for us in the following terms :
" In a fair share of normal trends, the minor waves are sufficiently regular to be defined at their extremes by another line.that is, the tops of the rallies composing an intermediate advance sometimes develop along a line which is approximately parallel to the basic trend line projected along their bottoms. this parallel might be called the return line, since it marks the zone where reactions. originate the area between basic trendline and return line is the trend channel".
As you can see on the chart above we're in a trend channel, and this channel made up of five subwaves. now that we finished the correction sabwave 4, we reversed to complete sabwave 5, and the last for this whole cycle.
The price targets gonna be : 191.358 |192.174 | and the last target is the High of 2015 at 193.768.
Today we have gbpjpy in 1H time frame, and this pair been rising and forming a higher highs and higher lows for weaks now, between parallel lines, in an uptrend channel.
The channel plays an important role in both classical technical analysis and Elliott wave theory.
As Edwards and Magee define a channel for us in the following terms :
" In a fair share of normal trends, the minor waves are sufficiently regular to be defined at their extremes by another line.that is, the tops of the rallies composing an intermediate advance sometimes develop along a line which is approximately parallel to the basic trend line projected along their bottoms. this parallel might be called the return line, since it marks the zone where reactions. originate the area between basic trendline and return line is the trend channel".
As you can see on the chart above we're in a trend channel, and this channel made up of five subwaves. now that we finished the correction sabwave 4, we reversed to complete sabwave 5, and the last for this whole cycle.
The price targets gonna be : 191.358 |192.174 | and the last target is the High of 2015 at 193.768.
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