$GBP vs $JPY: Interim Retrace; Loftier Target | #BOE #BOJ #forex

Price reached a significant Wolfe Wave landmark, namely its "Take-Profit" area, along its 1-4 Line - See chart below:




The Predictive/Forecasting model posted a quant-target today, and maintains two older qual-targets from last February, namely:

1 - TG-1 = 181.191 - 22 APR 2015: High-Prob. Hit, Low-Prob Reversal

2 - TG-Hi = 185.707 - 19 FEB 2015: Low-Prob. Hit; High-Prob. Reversal

and

3 - TG-Hix = 187.590 - 19 FEB 2015: Very Low-Prob. Hit; Very High-Prob. Reversal

Based on the quantitative nature of the first target, a less-than-reversal event should occur if and once the 181.191 level gets hit. This "less-than-reversal" implies that a mere retracement might take place, in the Fibonacci order of 0.382 to 0.618, but very rarely deeper than this - Relative to the background geometry, this might correlate with a validation at the upper-side of its 2-4 Line.

If you look at the current RSI residence, this level was last visited in the early part of December 2014, hence I would add this factor as an added qualitative data in support of at least a retracement.

Best,


David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA


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