The S&P 500 is trading at new highs. GBPJPY is highly correlated to the S&P 500, but has not broken out of a triangle. GBPJPY has just rebounded from the daily 23.6% Fibonacci level which is bullish.

Harmonic patterns typically have a triangle as an important component. The three points of the triangle offer targets, invalidation levels and risk management levels. 112920136EDMTS thumb Triangles, ...