Thursday, October 8, 2015

GbpJpy To Continue Downward?

The fast fall in the GbpJpy had been forecast after a very powerful reversal pattern showed up- I call the pattern the 'pregnant diagonal' i.e a diagonal pattern ending a larger degree diagonal pattern. You can read the forecast  GBPJPY

And then read how price react later after the pattern completed GBPJPY

The fall was fast just as expected knowing that a diagonal is often followed by a fast counter move to its starting point.

The short is still expected to continue as price is probably in the second wave ( a probable double zigzag corrective pattern) of a probable third wave of the bearish new move.

If price is contained below 185 and breaks below the trend line shown in the chart below, a short opportunity might present itself as price could break below 180.2 on a journey to 174.6 ( the starting point of the larger diagonal)

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