empty
 
 
31.05.2012 09:56 AM
GBP/JPY Elliott Wave Count and Fibonacci levels for May 31, 2012

The GBP/JPY pair is developing an impulse wave C of the medium term downtrend from 129.32 (light green in the chart). Within this wave we have three subwaves (magenta in the chart) and an impulse subwave C is developing from 126.39. Within this wave we also have three subwaves (red in the chart) including impulse subwave C developing from 125.03.

Presently the downside targets are Fibonacci expansions of 131.75-127.76-129.33, 129.33-124.59-126.39, 126.39-124.08-125.03, 125.03-124.33-124.92.

Supports:

- 121.65 = objective point (OP)
- 121.29 = expanded objective point (XOP)

If the price reverses to the upside, the immediate resistances will be Fibonacci retracements of 125.03-121.71.

Resistances:

- 122.98 = .382 retracement
- 123.37 = .50 ret
= 123.76 = .618 ret

This image is no longer relevant

Overbought/Oversold

The bigger wave is now moving downwards, so it is preferable to try short positions when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (current prices as well). Consider the opportunities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.

InstaForex Analyst,
Especialista em análise na InstaForex
© 2007-2026
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Ganhe com as variações das taxas das criptomoedas com a InstaForex.
Baixe o MetaTrader 4 e abra a sua primeira operação.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    PARTICIPE DO CONCURSO
  • Chancy Deposit
    Deposite US $ 3.000 em sua conta e receba $8000 mais!
    Em Março nós sorteamos $8000 na campanha Chancy Deposit!
    Tenha a chance de ganhar, depositando $3,000 em sua conta de negociação. Após cumprir essa condição, você se torna um participante da campanha.
    PARTICIPE DO CONCURSO
  • Trade Wise, Win Device
    Abasteça a sua conta com pelo menos $500, inscreva-se no concurso e tenha a chance de ganhar dispositivos móveis.
    PARTICIPE DO CONCURSO
  • Bônus de 30%
    Receba um bônus de 30% toda vez que você fizer um depósito em sua conta
    RECEBA O BÔNUS

Recommended Stories

Não pode falar agora?
Faça sua pergunta no chat.
Widget callback