13 Oct

GBPJPY Double Or Triple Zigzag?

October 13, 2021

By Orbex

The current GBPJPY structure suggests the development of the final part of the cycle wave y, which takes the form of a double zigzag consisting of sub-waves Ⓦ-Ⓧ-Ⓨ. The last actionary wave Ⓨ is currently under development.

Apparently, the primary wave Ⓨ is a standard zigzag (A)-(B)-(C). The intermediate correction (B), which has the form of a triple zigzag, was completed not so long ago.

In the near future, we can expect an impulse price rise in the intermediate wave (C). This could take the form of a 1-2-3-4-5 impulse, as indicated on the chart, near 160.65.

At that level, the intermediate wave (C) will be at 61.8% of impulse wave (A).

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GBPJPY

An alternative scenario suggests the formation of a large triple zigzag, with the primary second intervening wave Ⓧ.

The internal structure of this wave is similar to a triple zigzag of the intermediate degree. The sub-waves (W)-(X)-(Y) could have already ended. We can also assume that the intermediate intervening wave (X) has come to an end, taking the form of a minor triple zigzag.

In the near future, prices could decline in the final wave (Z). At that level, wave (Z) will be at 123,6% of wave (Y).

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