GBPJPY short (EXPLAINED) (Elliot Wave, Market Phase, Pennant,..)

In this Analysis I will exactly explain how GBPJPY will act and why.

Supply and Demand:
Price is currently at a Supply Zone. Before we saw a double Top on h4 and the price dropped to the Demand Zone and then up to the Supply Zone again.

Pennant Pattern:
Price is at the Top of the Pennant Pattern. I expect the price to break out and that it will bearish. So this is a Bearish Pennant.

Elliot Wave:
We are in the Wave 4 the Correction Wave of the Elliot Wave Theory.

Market Phase:
- Accumulation Phase: During a bull market, the accumulation phase begins when the informed investors usually enter their positions.
- Re-Accumulation Phase: As soon as the price leaves the accumulation phase and the new trend becomes visible, the phase of Re-Accumulation begins. Here, more and more investors are joining the trend and ensuring higher prices
- Distribution Phase: We are currently in the Distribution Phase. At this stage, the market is often overbought, although the uninformed traders still believe that more bullish pressure is coming. Afterwards the price will drop.

Trend Line:
Also the Trend Line would fit the expectation that the price will drop.

Confirmation:
1) Supply and Demand
2) Pennant Pattern
3) Elliot Wave
4) Market Phase
5) Trend Line

Conclusion:
For me these points are clear confirmations and this is why I expect the price to drop. Target should be between 136.00 and 137.00

Prediction:
Afterwards I expect the 5th Wave and a new start of the Market Phase.

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