Elliott Wave Analysis: Triangle Correction On GBPJPY Indicates Lower Levels To Follow

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On the 4h chart of GBPJPY we are looking at a triangle correction pattern taking place within wave 4, with two more waves to go. At the moment we see price turning down into wave “d” to around 131/132 area. But keep in mind that we will also need wave “e” before bigger downtrend may resume based on bigger time-frame charts.

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GBPJPY, 4H

gbpjpy-4

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.

Basic Triangle Pattern:

triangle-1

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.