1 June GBP JPY Elliott wave analysis: 1000 Pips setup?

That’s a zigzag pattern – a 5,3,5 bearish corrective pattern. We expect a 5-wave rally to breakout of the channel as price remains above 141.45. Any break below 141.45 with invalidate the zigzag and send price further downside for a more complex corrective pattern. If all moves as expected, there is a potential for more than 1000 Pips impulse wave upside. The preceding impulse rally was more than 1200 Pips, we should’t expect less if the rally goes as expected. More updates will come later. Stay tuned.

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