GBPJPY From Weekly to M15

Hello!

Yesteraday I have mentioned Daily, H4 and H1 charts, and now I want to add Weekly chart.

If we would check the whole picture, than we will probably come to conclusion, that right now we have A-B-C correction on weekly TF.

We have divergence in the 4th wave with AO (MACD), and we have descending correction. Back then I was talking about wave C in this correction. Of course it is possible, that it will become an impulse, but in this case we will have to review the whole wave order.

So, at that moment I was talking about the 4th subwave in wave C (check out 1 hour chart). And, as I have mentioned before, it can be irregular (and it can cross the last minimum also, and then it will go upwards in wave C (of the 4th subwave, of wave C )).

And also on 1 hour chart: no matter that yesterday we had a nice descending movement, you can still see that divergence is continued, and probably the price just finished its targets at the bottom (for THIS TF - on bigger TFs targets are lower).

So I think it is too early to plan long sell trades right now, but of course, as the main trend is descending (on weekly and daily TFs), ascending movements will be shorter, but enough for intraday trading. I will post my thoughts about the targets for both movements later.

Check out previous post also.

And take a look on M15 chart - current situation.



Here I marked out main support/resistance levels and flat levels as well.

Look forward for further comments.

Best Regards,
Anthony Schneider.