https://www.tradingview.com/chart/V9wt4zcb/
Elliott Wave Analysis: GBP/JPY on 8H Chart
Wave 1: Initiated at 188.661, marking the start of an impulsive bullish wave.
Wave 2: A correction to 178.480, representing a natural retracement after the initial surge.
Wave 3: Ascended to 200.398, typically the longest and most robust wave in an Elliott Wave sequence.
Wave 4: A minor correction to 191.433, setting the stage for the final leg up.
Wave 5: Currently underway, with potential targets at 200.013 or the 1.618 Fibonacci extension level at 208.595.
The completion of Wave 5 would mark the end of the current bullish cycle, after which a larger degree correction could be anticipated
Elliott Wave Analysis: GBP/JPY on 8H Chart
Wave 1: Initiated at 188.661, marking the start of an impulsive bullish wave.
Wave 2: A correction to 178.480, representing a natural retracement after the initial surge.
Wave 3: Ascended to 200.398, typically the longest and most robust wave in an Elliott Wave sequence.
Wave 4: A minor correction to 191.433, setting the stage for the final leg up.
Wave 5: Currently underway, with potential targets at 200.013 or the 1.618 Fibonacci extension level at 208.595.
The completion of Wave 5 would mark the end of the current bullish cycle, after which a larger degree correction could be anticipated