Dear Traders,
Today we have a technical outlook for GBPJPY, and i think we're in an uptrend channel and this channel contains five impulsive waves, and it made up of five subwaves.
The trend channel played an important role the original development of the Elliott Wave Theory. in The Wave Principle, the first of Ralph Nelson Elliott's works, polished in 1938 Elliott states " To properly observe a market's movement and hence to segregate the individual waves of such a movement, it is necessary that the movement, as it progresses, be channeled between parallel lines "
As a general rule, one should always wait for the completion of the first two waves in a beginning impulsive move before drawing a trend channel, a trend channel cannot be formed until the first two waves of a cycle are complete.
On the chart above as you can see, i think we're in the fith wave and this wave also made up of five subwaves, wave five is the final leg in the direction of the dominant trend.
The targets will be :
🎯 190.603
🎯 191.358
🎯 192.174
Stop out :
🛑 188.129
Today we have a technical outlook for GBPJPY, and i think we're in an uptrend channel and this channel contains five impulsive waves, and it made up of five subwaves.
The trend channel played an important role the original development of the Elliott Wave Theory. in The Wave Principle, the first of Ralph Nelson Elliott's works, polished in 1938 Elliott states " To properly observe a market's movement and hence to segregate the individual waves of such a movement, it is necessary that the movement, as it progresses, be channeled between parallel lines "
As a general rule, one should always wait for the completion of the first two waves in a beginning impulsive move before drawing a trend channel, a trend channel cannot be formed until the first two waves of a cycle are complete.
On the chart above as you can see, i think we're in the fith wave and this wave also made up of five subwaves, wave five is the final leg in the direction of the dominant trend.
The targets will be :
🎯 190.603
🎯 191.358
🎯 192.174
Stop out :
🛑 188.129
Trade active
Comment:
✅ First Target reached, 167 Pips
Trade closed: target reached