GBPJPY: Extended fifth wave advance and time at mode short setup
We can observe a clear five wave advance from the lows, with wave 5 being the largest, almost reaching 1.618 of the distance from point 0 to wave 3 high, which is the typical distance wave 5 travels.
These extended fifth waves often produce a very sharp and steep retracement that swiftly moves price down to wave 5's second wave, or even wave 4 of the whole advance.
Rgmov is showing clear divergence, which is a strong bearish signal, while we also observe a time at mode uptrend target expired, and one more larger timeframe target about to expire at the open on Sunday.
I'll place a short fine tuning the entry from the 1h chart on Sunday.
Good luck!
Ivan.
These extended fifth waves often produce a very sharp and steep retracement that swiftly moves price down to wave 5's second wave, or even wave 4 of the whole advance.
Rgmov is showing clear divergence, which is a strong bearish signal, while we also observe a time at mode uptrend target expired, and one more larger timeframe target about to expire at the open on Sunday.
I'll place a short fine tuning the entry from the 1h chart on Sunday.
Good luck!
Ivan.
