Break below 131.83 might be first sign that deeper pullback is comming ahead and this so far impulsive movement was just eztended wave (b) to the upside in form of a Zig-Zag.
Unclear situation.Stay aside until one of the highs is broken:
-new high means wave 3 is developing
-break below green line means deeper pullback below wave (a) (W) low is expexted
Take care,
Seb
Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpjpy-h1h4-daily-update-tpi.html
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