Elliott Wave View Looking for Zigzag Correction in GBPJPY – Action Forex

Short Term Elliott Wave view in GBPJPY shows decline from 10.30.2024 high ended at 188.14 as wave 1. The decline unfolded as a 5 waves diagonal Elliott Wave structure. Pair has turned higher in wave 2 to correct this 5 waves decline. The internal subdivision of wave 2 rally is unfolding as a zigzag Elliott Wave structure. Up from wave 1, wave i ended at 191.53 and wave ii ended at 190.3. Wave iii higher ended at 192.2, wave iv dips ended at 190.91, and final wave v higher ended at 192.37. This completed wave (i) in higher degree.

Pullback in wave (ii) ended at 190.58. Pair has rallied higher in wave (iii) towards 193.4 and pullback in wave (iv) ended at 192.44. Final leg wave (v) ended at 195 which completed wave ((a)) in higher degree. Pullback in wave ((b)) is in progress to correct cycle from 12.3.2024 low. Internal subdivision of the pullback is unfolding as a zigzag structure. Down from wave ((a)), wave (a) ended at 192.91. Expect wave (b) rally to fail below 195 and pair to turn lower in wave (c) to complete wave ((b)). Near term, as far as pivot at 188.14 stays intact, expect pullback to find buyers in 3, 7, 11 swing for more upside.

GBPJPY 60 Minutes Elliott Wave Chart