GBPJPY Outlook

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GBPJPY is currently forming a GARTLEY pattern to end the 4th wave of the elliot wave count. Elliot wave principle states that wave 4 should be 23.6 Fib, 38.2 Fib or 50.0 Fib retracement of wave 3 and wave 4 should not enter into the territory of wave 1. Following this guide lines and principle in conjunction with harmonic pattern, we could see a GARTLEY pattern forming in the region of a complete wave 4. Picking a Short entry at this region is not a bad idea. Good luck.