GBP/JPY Elliott wave count and Fibonacci levels for February 15, 2012 2012-02-15
GBP/JPY is developing impulse subwave C (colored royal blue in the chart) that is part of impulse wave A of a larger degree (colored light green in the chart) from 117.22. Within the former subwave there are also waves of a still smaller degree - they are A, B, and C (colored magenta in the chart), and subwave C is still developing from 121.62.
Now the targets of the upmove are Fibonacci retracements of 127.25-117.22, and expansions off 117.22-121.98-119.53, 119.53-123.11-121.62, 121.62-123.00-122.45.
- 123.42 = .618 retracement - 123.83 = confluence area of contracted objective point (COP) and objective point (OP) - 124.29 = OP - 124.68 = expanded objective point (XOP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 121.62 - this wave is not developed yet, so no supports are available so far.
The bigger wave is now moving up, so it's preferable to try long positions when the Detrended Oscillator goes below the zero level (10-15 pips below the current prices) or into the oversold area (40-55 pips below the current prices).