empty
 
 
07.10.2011 09:37 AM
GBP/JPY Elliott wave count and Fibonacci levels for October 7, 2011

GBP/JPY is developing potential impulse wave 5 (colored light green in the chart) of medium term downtrend from 120.78. Within this wave there are five subwaves (colored red in the chart), and subwave A is now developing against the downtrend from 116.91. The targets of the upmove are Fibonacci retracements of 120.78-116.91, and 127.31-116.78.

Resistances:

- 118.85 = .50 retracement
- 119.30 = .618 ret
- 120.80 = .382 ret

However if the downtrend resumes and the price breaks below 116.78, the immediate supports will be Fibonacci expansions off 130.81-123.27-127.31, 127.31-116.78-120.78, 120.78-119.06-120.73, 120.73-117.66-119.06.

Supports:

- 116.23 = super expanded objective point (SXOP)
- 115.99 = objective point (OP)
- 115.11 = expanded objective point (XOP)
- 114.27 = contracted objective point (COP)
- 114.09 = XOP

This image is no longer relevant

Overbought/Oversold

Assuming that the major wave is now down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (10-20 pips above the current prices) or into the overbought area (40-55 pips above the current prices).

Read more on how to apply Fibonacci studies to calculate price targets.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback