The bearish scenario is contained within the rising channel, and will open up further with a break below the channel, and 78.6% retracement at 134.70 as seen in the 1H chart.
The bullish
Saturday, April 30, 2011
GBP/JPY's Short-term Elliott Wave Count
The GBP/JPY is declining as anticipated after a 3-wave rally that appears to have been a gartley retracement pattern.
The bearish scenario is contained within the rising channel, and will open up further with a break below the channel, and 78.6% retracement at 134.70 as seen in the 1H chart.
The bullish
The bearish scenario is contained within the rising channel, and will open up further with a break below the channel, and 78.6% retracement at 134.70 as seen in the 1H chart.
The bullish
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