GBP/JPY Weekly, Daily and H4 Analysis















General overview for 05/09/2016: 

As anticipated many months ago the top of the wave C of the wave 4 had been established at the level of 195.93. Since then the market has been in a down ward wave progression, where another five waves had been made. The bottom of this progression looks to be at the level of 128.75 and now the market is in the corrective cycle. The best-fitting Elliott wave count is an (a)(b)(c) Zig-Zag pattern with currently unfinished wave (c). The projected target for an ideal termination level for wave (c) is 50%Fibo at the level of 144.44. Nevertheless, the current horizontal wave progression might evolve into more complex and time-consuming pattern, like double/triple Zig-Zag or any other complex WXYZ pattern.

Support/Resistance:

128.75 – Long Term Bottom
136.85 – Wave iv Support
138.84 – Wave (3) Top
140.75 – 38%Fibo
144.44 – 50%Fibo

Trading recommendations:

There are no visible clues regarding the down trend reversal in the higher time frames as there is one more wave to the downside to made. Bias is still sideways/bearish*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

★★★★★★★★★★★★★★★★★★★★
SIGNALS , SOCIAL TRADING, EDUCATIONAL MATERIALS  AND MORE DETAILED ELLIOTT WAVE COUNTS ARE AVAILABLE FOR 
FREE
IN MY VIP SERVICE!
Details here:
★★★★★★★★★★★★★★★★★★★★

About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

View all posts

Dodaj komentarz

Twój adres email nie zostanie opublikowany. Pola, których wypełnienie jest wymagane, są oznaczone symbolem *