GBPJPY Elliott Wave Bullish Triangle Scenarios
|GBPJPY Technical Analysis February 21/2017 – Triangle Idea
Traders should remain bullish as long as GBPJPY stays above the 138.51 level. Below we will show three possible Elliott Wave triangle bullish patterns. GBPJPY has bounced higher since October 2016 and the possibility of the pair continuing higher will depend if we see a breakout on any of the Elliott Wave triangle patterns below.
GBPJPY 4 hour Elliott Wave Bullish Symmetrical Triangle 1 : For the triangle scenario below price needs to stay above the wave ((B)) low at 139.60 and needs a break above the wave (D) high at 142.79 to add more confirmation that the wave ((B)) correction has terminated and is ready to push higher.
GBPJPY 4 hour Elliott Wave Bullish Symmetrical Triangle 2 : For the triangle scenario below it is still possible that wave (D) is still in progress and another push higher is still needed. For the scenario to be a triangle wave (D) needs to terminate below wave (B) then followed by a retrace lower to form wave ((B)). Traders should wait for wave (D) to terminate then look to BUY on the retrace lower of wave ((B)). Price needs to stay above wave (C) low. Below wave (C) low invalidates this scenario.
GBPJPY 4 hour Elliott Wave Bullish Double Three Triangle : The triangle pattern below is a WXY double three possible scenario. For this pattern wave (D) needs to terminate below Wave (B) then a pullback to terminate the wave ((B)) followed by price moving higher breaking the triangle formation. Traders should wait after the wave (D) has formed and BUY the wave ((B)) pullback. Price needs to stay above the wave (C) low. Below wave (C) low invalidates this scenario.
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.