Aleksandar Vichev
EWM Interactive
On the 1-hour chart of GBPJPY we can see a very clear double zig-zag pattern labeled W-X-Y, with its wave Y still unfolding. It looks like wave B of Y is taking the shape of a triangle. Triangles form only in a position prior to the final wave of the larger sequence. This is the reason why we expect one last wave C down to finish the whole pattern. If this is the correct count, we should expect a reversal to the upside in GBPJPY soon. Good support zone could occur between 172.40 and 172.00.
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