empty
 
 
28.11.2011 10:58 AM
GBP/JPY Elliott wave count and Fibonacci levels for November 28, 2011

GBP/JPY is developing wave A (colored light green in the chart) of medium term downtrend from 127.25. Within this wave there are three subwaves (colored royal blue in the chart), and impulse subwave РЎ is still developing from 125.63. Within the latter there are five subwaves (colored magenta in the chart) and potential corrective subwave A is developing from 119.31. The targets of the upmove are Fibonacci retracements of 121.70-119.31, 125.63-119.31, and expansions off 119.31-120.40-119.82.

Resistances:

- 120.49-51 = confluence area of contracted objective point (COP) and .50 retracement
- 120.79 = .618 ret
- 120.91 = objective point (OP)
- 121.58 = expanded objective point (XOP)

If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 119.31 - this wave is not developed yet, so no supports are available so far.

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 (current prices) or into the overbought area (20-30 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
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 $9000 more!
    In May we raffle $9000 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