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GBP/JPY Elliott wave count and Fibonacci levels for June 15, 2012
GBP/JPY is developing impulse wave C of medium term downtrend from 129.32 (light green in the chart). Within this wave we have three subwaves (royal blue in the chart), and potential impulse subwave C is moving from 124.28. Within this wave we also have three subwaves (magenta in the chart), and potential impulse subwave C is developing from 124.21.
The supports below are Fibonacci retracements of 118.74-124.28, and expansions off 124.28-121.85-124.21, 124.21-122.70-123.55.
– 122.16 = .382 retracement
– 122.04 = objective point (OP)
– 121.78 = OP
– 121.51 = .50 retracement
– 121.11 = expanded objective point (XOP)
– 120.86 = .618 ret
However if the price reverses to the upside the immediate resistances will be Fibonacci retracements of 129.33-118.74, and expansions off 118.74-124.28-121.85.
– 125.27-28-35 = confluence area of COP, .618 ret, and OP
The bigger wave is now moving down, so it’s preferable to try short positions when the Detrended Oscillator goes above the zero level (25-30 pips above the current prices) or into the overbought area (60-75 pips above the current prices). Watch for opportunities to go short at or near the indicated supports.
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