Analysis for October 23rd, 2014
In our previous review, “Completion of the correction, expecting the trend. Wave analysis of GBP/JPY for 13.10.2014”, we discussed one of the possible scenario how the price may complete
skewed triangle[iv] of 5 of (1) and a possible impulse
(1).
Our mid-term expectations haven’t changed so far – the pair has started forming the final ascending wave
[v] of 5 of (1) of an ascending impulse
(1), which may take the form of an impulse (or
diagonal triangle).
Probably, the price has started forming an ascending wave
[v] of 5 with impulse
(i) of [v]. In this case, the market is expected to start impulse
(iii) of [v].
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department