GBPJPY Short-Term Elliott Wave Analysis - March 24, 2015
Preferred Elliott Wave view suggests pair formed a secondary peak @ 181.03 and bounces are now expected to hold below this high for continuation lower. Decline from 181.03 peak is taking the form of a double three or ((w))-((x))-((y)) Elliott Wave structure when pair is currently in final leg of wave ((y)). Area between 177.65 - 177.07 is expected to complete the double three structure from 181.03 high resulting in a 3 wave bounce in wave X and lower again.
A break below 177.14 would add more conviction to this view. As there is a red arrow on the chart so we are not interested in buying the pair in proposed X wave bounce and expect it to fail in 3, 7 or 11 swings for more downside provided the pivot at 181.03 high remains intact. If pivot at 181.03 high gives up during the bounce, then we could see a double correction in wave ((X)) before the pair turned lower again.
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