My contrarian frame of mind has me thinking that GBP is working on a major low. Monthly and weekly charts below.
out of an Elliott wave triangle
Traders should watch for a pullback or a breakout
One of the reasons that I have been skeptical about the gold rise is the correlation that it has had with the Japanese yen and I’m still bearish yen as the triangle is still valid here.
Leaving the current station soon
This spring might see a downward cascade
When I last posted charts on Japanese Yen, I was looking for a bounce up from a possible (d) wave low of a triangle [iv]. It looks like the last wave of that triangle, wave (e), completed at the start of this year. Cycles suggest wave [v] down is in progress and could last till August of this year
The latest bounce retrace was very weak
Two resistance zones to watch
Ready for launch?