On July 23rd we showed you a forecast of GBP JPY, saying that there should be one more wave left to the south before the pair makes a reversal to the north. Our expectations were based on the following chart.
Triangles precede the final movement of the larger sequence. In this case there was a triangle in wave B of Y. That is why we assumed that wave C of Y should complete the whole W-X-Y double zig-zag pattern. The next chart will show you how GBPJPY has been developing since that forecast.
As visible, prices made a new bottom and then started rising, just as expected. The Elliott Wave Principle often has the ability to predict more than just one movement, as this situation should have already convinced you.
