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Forex Analysis: 9 Mar 2012, 06:04 UTC+00

GBP/JPY Elliott wave count and Fibonacci levels for March 9, 2012

GBP/JPY Elliott wave count and Fibonacci levels for March 9, 2012

GBP/JPY is now developing impulse wave A of medium term downtrend (royal blue in the chart), until the price breaks above 130.04. Within this wave we have subwaves A, and B (magenta in the chart) that is developing from 126.48. Within the latter we have five subwaves (yellow in the chart), and subwave 5 is still developing from 128.31.

The targets of the upmove are Fibonacci expansions off 126.84-129.13-128.31.

Resistances:

- 129.73 = contracted objective point (COP)
- 130.60 = objective point (OP)

But if the price reverses to the downside the immediate supports will be Fibonacci retracements of 126.48-129.51.

Supports:

- 128.35 = .382 retracement
- 128.00 = .50 ret
- 127.64 = .618 ret


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Overbought/Oversold

The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (15-20 pips above the current prices) or into the overbought area (50-65 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.


molodyashin
molodyashin
Performed by
analytical expert: Roman Molodiashin
InstaForex Group © 2007-2017
 Published: 9 Mar 2012, 06:04 UTC+00

 
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