Article By RoboForex.com
In our previous review, “Completion of the correction, expecting the trend. Wave analysis of GBP/JPY for 13.10.2014”, we discussed one of the possible scenario how the price may complete skewed triangle [iv] of 5 of (1) and a possible impulse (1).
Our mid-term expectations haven’t changed so far – the pair has started forming the final ascending wave [v] of 5 of (1) of an ascending impulse (1), which may take the form of an impulse (or diagonal triangle).
Probably, the price has started forming an ascending wave [v] of 5 with impulse (i) of [v]. In this case, the market is expected to start impulse (iii) of [v].
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.