That's kind of what I would expect. Of course, we are assuming no more upside silliness. The thing about being under 175 is that it's landed inside the weekly cloud and even though it would attempt to leave, the downside is significant

Dragon Riders GBP/JPY

What spike? Price has been stable for hours.

Dragon Riders GBP/JPY

Having probably completed at 178.2, the earlier diamond correction still projects two possible targets, (now measured from 178.2) as being .. 175.7/8 and/or 174.3

Dragon Riders GBP/JPY

Just be patient. It's only being held up by the Yen right now. Last week UJ failed to confirm bearish by about 0.000 pips. This week it has a long way to climb to confirm bullish - or the first stage in a bullish climb. So, re UJ. It's running into ...

Dragon Riders GBP/JPY

Yes

Dragon Riders GBP/JPY

That's what you always look for. Forget applying complex wave counts etc, just look at the prevailing direction, then try to identify anything that MIGHT suggest a certain price structure. You won't always be right, but it helps to remove some of ...

Dragon Riders GBP/JPY

Neither am I. I've only studied it for about 8 years, but know enough to recognise there are always at least two alternatives. You see, your image suggesting 1,2, 3 etc can be interpreted as a wave 5 completing soon - and this messy correction is ...

Dragon Riders GBP/JPY

Ah ... NO

Dragon Riders GBP/JPY

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Dragon Riders GBP/JPY

I try to be sensible - no conspiracy theories here

Dragon Riders GBP/JPY

Today and tomorrow are 'flow' days. Such erratic moves are normal. But they are usually part of broader corrections.

Dragon Riders GBP/JPY

The apparent diamond (comprising fomc spike et al) suggested a downside target below 175. It comes down now to interpretation of this correction - there are two possibilities - it's either entering the final stage down for completion circa 175.3/5/8 ...

Dragon Riders GBP/JPY

Thanks mate. I just needed that same level confirmed as I use it to suggest destinations - and it seemed to disagree with some other charts.

Dragon Riders GBP/JPY

I have a question about the FOMC 'spike'. At what height did it top out? I've got 181.

Dragon Riders GBP/JPY

Fx-Ray, if you read this, can you answer this question please. On the off chance that this pair got under 175, what significance (if any) would you give to 167 (plus or minus a few pips) ?

Dragon Riders GBP/JPY

As usual, Cable is totally recalcitrant.

Dragon Riders GBP/JPY

So far nothing abnormal in what you're seeing here. Bottom/low point of the triangle was at 177.2/3. Although it has to reject soon.

Dragon Riders GBP/JPY

I'm still anticipating 175 to print. If it bounces, so be it. Otherwise just below that point it risks falling into the weekly cloud

Dragon Riders GBP/JPY

I've just been reading the schedule of events for today in my GJ product manual. Maybe your's is an updated version, but I can't find any reference to a double retest.

Dragon Riders GBP/JPY

Anyone would think there's a war breaking out. Oh wait ... maybe there is

Dragon Riders GBP/JPY