Sunday, November 15, 2015

Will GbJpy crash again?.....And when?

The ending diagonal is one of the elliot wave patterns that I so delight in.
It shows a large reversal in the prevailing trend or counter-trend. The joy of watching price breaking the lower trendline (in a bullish market) and the upper trendline (in a bearish market) is characteristically fast and overwhelming.

On 13th august, I posted an analysis on GbpJpy where the fall in mid-august and early september were so pronounced. The analysis is titled GbpJpy: When will the bears take over? . It's a must read.

Just as the forecast was done, price fulfilled all the conditions and fell sharply.

After the fall, I tried to wonder what drives the diagonals. I posted the analysis titled : What drive the diagonals? on 23rd august. You may want to read it also.

The chart below shows the price movement after the diagonal price formation.

The chart above shows that price is moving in a 3-wave corrective pattern after the motive wave that broke the diagonal downside. There could still be more room for the bears to ride the price.

The yellow region 188.80 and 190 (a confluence zone) is projected for price to complete the correction.

We could see price at this zone after which a crash will be expected.
Price is expected to be contained below 190 for any chance for the bears in the nearest time.

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  1. Carry on with this work no matter the discouragement on the way. Long term analysis pays. I am with you on this and hope to catch the fall. I am equally expecting it.

  2. Sanmi keep doing a good job with your great and on target analysis.

  3. Thanks Paul for finding the information great..I'm honoured.


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