GBPJPY Set to Complete an Elliot Wave Zigzag Pattern

2020-02-26 14:08:44

GBPJPY's chart above shows the corrective move that started from wave (v) high.
The sharp decline can be seen as a five-wave impulse in wave (a) which means the impending correction will most likely be a zigzag.
Price has since then moved in a sideway and seems to have completed a double three complex correction in wave (b).

To complete the zigzag pattern a five-wave impulse in wave (c) is needed and that looks to have started now.

The break of the blue line is a good level to take a short entry.