empty
 
 
06.07.2010 03:00 PM
GBP/JPY Elliott wave count and Fibonacci levels, July 6, 2010

According to wave count GBP/JPY is still developing wave C of the intermediate downtrend (colored royal blue on the chart). The targets of this downside movement are Fibonacci expansions off 136.00-133.01-135.23, 135.23-131.23-133.84, 133.84-132.72-133.59 and retracement points of 131.23-133.84.

Price targets below the current level:

- 131.78 = expanded objective point (XOP), reversed within 1 pip
- 131.55 = .764 retracement
- 131.37 = contracted objective point (COP)
- 130.66 = super expanded objective point (SXOP)

In case the price keeps advancing the nearest targets will be Fibonacci retracement points of 133.59-131.79, 135.23-131.23, and expansions off 131.23-133.84-131.79.

Price targets above the current level:

- 133.40 = COP
- 134.29 = .764 retracement
- 134.40 = objective point (OP)

This image is no longer relevant

Overbought/Oversold

The Detrended Oscillator is extremely overbought, which means that in case of topping signals it is possible the price will keep trending to the downside. 133.17 (.764 retracement) is the level to watch for.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 $1000 more!
    In April we raffle $1000 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

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback