The final ascending movement. GBP/JPY wave analysis

Analysis for September 30^th, 2014

In our previous review, “Inside a large triangle. Wave analysis of GBP/LPY for 17.09.2014”, we discussed one of the possible scenario how the price may complete horizontal triangle[iv] of 5 of (1) and impulse (1).



Our mid-term expectations haven’t changed so far – possibly, the pair is finishing an ascending wave [v] of 5 of (1) and the whole ascending impulse (1). If impulse [v] of 5 doesn’t form an extension, then in the nearest future the trend may reverse downwards and start forming a large descending correction (2).



In order to complete an ascending impulse [v] of 5, the price needs to make the final ascending movement towards level of ~180 inside wave (v) of [v] of 5. In this case, the only chance for the market to continue the uptrend is to continue extending wave [v] of 5.

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