Jan. 14th – GBPJPY

Prices came down in an impulsive manner and I labeled two counts: orange count for an impulse to the downside and black count for an abc of a ((x)). Suspected black c and orange iii reached 1.618 of black a or orange i.

If the current low at 190.060 gets penetrated, and thereafter the low of Minor X at 188.075 (see red horizontal line) likely the top of the whole correction that started from the low in August is in place and the downtrend resumed.
Critical resistance for the orange count is 194.179, the low of suspected i.
Sarah