DrFX

DrFX

We may have completed an Elliott Wave triangle on GBPJPY if this breaks out the equal leg of the triangle's A would suggest we are heading for 1.8 in a motive wave.

DrFX

My take on the weekly chart and this and last weeks candles.

DrFX

Assumes we haven't already completed wave 5 of 5. 1.65 looks great for a swing short at the moment.

DrFX

Good Luck

DrFX

Suspect the initial low isn't now X due to the corrective price action, perhaps another stab lower to finish this X wave?

DrFX

Well it looks to me as the X wave is complete and now we can have a look at completing the larger triangle and have a look at the upper trendline for a Y move.

DrFX

Just for fun, I'm not touching this with a barge pole.

DrFX

Possible bounce between 1.62 area and 1.59 area creating a triangle, before a 5th wave? Price seems to be respecting the fib extensions. Could see 1.66-1.67 if this plays out.

DrFX

stops below the low

DrFX

Well this is awkward... could even be a triangle move in there to come, need to watch how price unfolds, it looks to me there will be plenty of pips to be had to the downside next either way.

DrFX

1.38-1.39 is coming, we now have a large motive wave pretty much complete from the yearly lows and we've just breached the yearly high, will be mindful of short opportunities from 1.38 (W=Y) or 1.39 (1.618 of wave 1 of Y) X wave to 1.33 could be a nasty one?? On the flip side we could get much longer into a series of extensions to the weekly E wave target up...

DrFX

Looks like we will see another stab higher to complete the large Y wave and maybe take out the yearly high before another retracement lower. We could of course see a truncated 5th wave (so no new high) which wouldn't be unusual at the end of a big move. NO HERO TRADES.

DrFX

I'm not recommending shorting at this level without confirmation, this is just for fun :)

DrFX

This is where I'm at atm :)

DrFX

Looks like we now have a channel for a WXY correction (two abc corrections connected by an abc X wave) targets are close to 1.34

DrFX

Looking for 1.347-1.343 as a C wave target before higher, what I initially thought was a triangle looks like a Zig Zag correction.

DrFX

quick one...

DrFX

Looking at the bigger picture from an Elliott Wave perspective. This count gives a 1.45 target for the Euro for the start of 2014 completing a very large multi year B wave, then a terrible plunge. Comments, suggestions or rotten fruit and veg being thrown all welcome.