Finishing strokes. GBP/JPY wave analysis

26.11.2014

Analysis for November 26th, 2014



In our previous review, “Expecting the trend reversal to the downside. Wave analysis of GBP/LPY for 18.11.2014”, we discussed one of the possible scenario how the price may finish an ascending wave [v] of 5 of (1).



An ascending impulse [v] of 5 of (1) has reached the minimum target of the fifth wave and been almost completed. If the assumption is correct, then later the market is expected to complete it, reverse downwards, and start falling inside correction (2).



Indeed, the chart structure implies that in order to complete impulse [v] of 5, the price needs to finish the final waves of impulse (v) of [v]. It may happen during the next several days.

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 bears no responsibility for trading results based on trading recommendations described in these analytical reviews.