Gbp vs Jpy 1H, 4H & Daily Pre Market Overview

Chart 1H - At this moment market can be divided into 3 possible alt counts which is :-

1) Bearish Continuation Scenario (yellow) - Possible market in progress to perform subwave 3 in V and 3 before expecting a bullish retracement to perform wave 4.
2) Bullish Retracement Scenario (magenta) - Possible market in progress to perform corrective wave abc in wave 4 before expecting for another bearish continuation to complete wave 5.
3) Bullish Reversal Scenario (white) - Possible market in progress to perform major corrective c in 5 wave structures.

Therefore, please determine later which alt counts is more favourable. Preferably, I believed market would be in bullish retracement refering to alt count in magenta.


Chart 4H - Please be noted that there was a possible "falling wedge" bullish reversal pattern can be seen in the chart. A breakout to the upper yellow trendlines would bolster this scenario. Otherwise, a possible true breakout to the lower red trendline and further to the lower yellow trendline would favour to the alt count in yellow.


Chart Daily - I'm looking forward for a further bearish continuation trend either to the alt count in yellow or magenta. Favourably, I'm looking for a bullish retracement 1st refering to alt count in magenta before expecting for another bearish continuation to complete wave 5. But there are possibility to see a bearish continuation according to alt count in yellow. Otherwise we may see a bullish reversal trend according to the alt count in white.

Summary :

1) I'm looking forward for a bullish retracement trend to complete subwave c in wave 4 refering to alt count in magenta before expecting a bearish continuation to complete wave 5.

2) But please be careful for any bearish continuation scenario according to alt count in yellow.

Therefore please confirm which count is more favourable form BSTS and any true breakout later either to the upper or lower trendline. Good luck.