GBPJPY - 2H - Gartley morph into Crab for 5th wave completion?
This is a followup to the idea from yesterday (link below)
yesterday i said the X point of the gartley was the potential 5th wave of the recent downmove. now that we violated X, this doesnt work anyway, so i had to rethink my view on the waves. I think a reasonable scenario would be to make wave 3 an extended wave with another 5 wave stucture inside it.
that would explain the recent downmove. now the question is where does wave 5 end.
my line in th sand is this crab pattern that terminates in a big fib cluster zone between the 2 realevant crab projections of 1618XA and 3.618 BC just above the very powerful 618 retracement of the "recent" impulse upwards we saw on the weekly timeframe. I think a bigger bounce of that area will be likly.
till we get there i think its wise to stay on the short side. i guess we will see a bit of a correction soon since the momentum spike down. so the end of that correction could be a reason to go short. to trade price down in the cluster area
yesterday i said the X point of the gartley was the potential 5th wave of the recent downmove. now that we violated X, this doesnt work anyway, so i had to rethink my view on the waves. I think a reasonable scenario would be to make wave 3 an extended wave with another 5 wave stucture inside it.
that would explain the recent downmove. now the question is where does wave 5 end.
my line in th sand is this crab pattern that terminates in a big fib cluster zone between the 2 realevant crab projections of 1618XA and 3.618 BC just above the very powerful 618 retracement of the "recent" impulse upwards we saw on the weekly timeframe. I think a bigger bounce of that area will be likly.
till we get there i think its wise to stay on the short side. i guess we will see a bit of a correction soon since the momentum spike down. so the end of that correction could be a reason to go short. to trade price down in the cluster area
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