By Orbex
The GBPJPY currency pair suggests the development of the final part of the cycle wave y, which takes the form of a double zigzag and consists of sub-waves Ⓦ-Ⓧ-Ⓨ. Now the last actionary wave Ⓨ is under development.
Apparently, the primary wave Ⓨ is a standard zigzag (A)-(B)-(C).
At the end of September, the intermediate correction (B), which has the form of a triple zigzag, was completed. Then the market began to grow in an impulse wave (C). It consists of minor sub-waves 1-2-3-4-5, where the first four sub-waves already formed.
In the near future, growth is possible in sub-wave 5 near 160.64. At that level, wave (C) will be at 61.8% of wave (A).
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An alternative scenario suggests the formation of a large triple zigzag, within which the development of the primary intervening wave Ⓧ is now taking place.
The internal structure of this wave is similar to a triple zigzag of the intermediate degree. The sub-waves (W)-(X)-(Y)-(X) could have ended.
Currently, an actionary wave (Z) is forming, which can take the form of a triple zigzag W-X-Y-X-Z. Then a decline in the minor sub-waves Y-X-Z to the previous low of 149.00 is likely.
Article by Orbex
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