Jump to content

British Pound/Japanese Yen(GBPJPY) Day Chart GBPJElliott Wave Technical Analysis


Recommended Posts

GBPJPY Elliott Wave Analysis Trading Lounge Day  Chart, 9 October  2023
British Pound/Japanese Yen(GBPJPY) Day Chart
GBPJPY Elliott Wave Technical Analysis
Function:  Counter Trend
Mode: impulsive as wave C of 4
Structure:  blue wave C of black wave 4
Position: Black wave 4
Direction Next Higher  Degrees: Black wave 5
Details: Corrective wave B of 4 looking completed at 183.002 , now wave C of 4 is in play .  Wave Cancel invalid level: 186.749
The GBPJPY Elliott Wave Analysis for October 9, 2023, focuses on the daily chart of the British Pound/Japanese Yen (GBPJPY) currency pair, utilizing Elliott Wave theory to decipher potential market movements.
 
The primary function under consideration in this analysis is "Counter Trend," indicating a focus on comprehending and navigating the current counter-trend dynamics in the market. Counter-trend analysis is pivotal for traders aiming to identify opportunities during corrective phases, which typically follow strong trends.
 
The analysis is conducted in "impulsive" mode, signifying an in-depth examination of the impulsive waves within the Elliott Wave structure. Impulsive waves are characterized by powerful and directional price movements, often making them attractive for traders.
 
The core structural element being evaluated is "blue wave C of black wave 4." This denotes a detailed assessment of the third wave (C) within the larger fourth wave (black wave 4) sequence. In Elliott Wave theory, the identification of specific wave patterns is crucial for making informed trading decisions.
 
The analysis's positional context revolves around "Black wave 4," suggesting a thorough investigation of the fourth wave within the overall Elliott Wave count. This level of analysis is essential for traders seeking to anticipate potential price movements and reversals.
 
In terms of the market's direction, the analysis indicates that "wave C of 4 is in play." This implies that the corrective phase (wave 4) is currently undergoing the development of the C wave. This directional insight is valuable for traders looking to position themselves effectively within the correction.
 
A noteworthy observation is that "Corrective wave B of 4" is deemed to have likely concluded at the level of 183.002. This information holds significance as it marks the potential conclusion of the preceding corrective wave, setting the stage for the next wave within the sequence.
 
The analysis specifies the "Wave Cancel invalid level" at 186.749. This level serves as a reference point for traders to assess the validity of their trade setups and manage risk effectively.
 
To summarize, the GBPJPY Elliott Wave Analysis for 9 October 23, employs a counter-trend approach to analyze the unfolding corrective wave within the broader Elliott Wave structure. Traders are advised to closely monitor the progression of wave C of 4, as it could offer trading opportunities. This analysis delivers valuable insights for traders navigating the complexities of the GBPJPY currency pair.
 
 
Technical Analyst : Malik Awais
 
gbpjpydaychart.thumb.png.d1e14ef260795030b71e8ce9da2a458f.png
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      23,612
    • Total Posts
      96,990
    • Total Members
      44,177
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Herb1e43
    Joined 04/12/23 11:30
  • Posts

    • Going by what i see on the weekly TF, BTC is heading to $46-48k major price zone level. If it breaks and holds above this zone, then $51-52k is the next minor zone, since its a minor zone, BTC might rally at this zone before deciding to go all the way up or coming back down. Though, I am still mindful of the bearish flag pattern, so there is tendency that BTC could start dumping from any of this zones yah. Lets see how it plays out yah.
    • Interesting update. I also withdrew my funds from Binance and deposited it on Bitget and Bybit exchange just to be safe. Though, personally, I believe Binance will bounce back from this set back. It is no news that both CZ and Binance has contributed immense to the growth of the crypto space and continues to do so.. More so, their case is a different from FTX as you clearly stated. I am optimistic Binance is going no where, not any time soon yah.
    • Gold price hits new peak, and silver price makes headway, but Brent crude oil falls again Precious metals are on the up once more following Jerome Powell’s speech on Friday, but the fallout from the OPEC meeting continues to weigh on oil prices. Source:Bloomberg  Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 04 December 2023 13:08 Gold surges to new peak Gold prices shot to a new record high overnight, continuing the surge from Friday’s session. Chairman Jerome Powell’s speech on Friday left markets continuing to expect that no more Fed rate hikes are on their way. This sent gold flying and pushed the dollar lower. The move puts the price firmly above the highs seen in 2022 and 2023, but the price does look overextended in the short-term. Some consolidation around current levels, or even a short-term drop back towards $2050 might not be entirely surprising. Source: ProRealTime Brent falls further OPEC’s decision to go for voluntary cuts to production last week failed to support oil prices, and now the next move appears to be a test of the November low. The past month has seen the price try and fail to hold above the 200-day SMA, and now the November low around $77.30 comes into view. Below this would see the price head back in the direction of the late Spring/early Summer lows around $72. Buyers will need a close back above $80 to suggest another attempt to challenge the 200-day SMA could develop. Source: ProRealTime Silver hits six-month plus high Silver’s move on Friday was not quite as exuberant as gold’s, but it still managed to hit its highest level in over six months. The rally of the past three weeks has barely halted. From a higher low in early November, when the price lagged behind its more expensive cousin, silver then surged through the 50- and 200-day SMAs. It has now cleared the August and July highs, and now the May peak around $26.20 comes into view. A move back below $25 would be needed to signal that some short-term consolidation had begun. Source: ProRealTime
×
×
  • Create New...
us