Jump to content

British Pound/Japanese Yen(GBPJPY) Day Chart Elliott Wave Technical Analysis 22 November 23

Recommended Posts

GBPJPY Elliott Wave Analysis Trading Lounge Day  Chart, 22 November 23

British Pound/Japanese Yen(GBPJPY) Day Chart

GBPJPY Elliott Wave Technical Analysis

Function:  Trend

Mode: impulsive  

Structure:  blue wave 5 of black wave 5  

Position: Black wave 5

Direction Next Higher Degrees: blue wave 5 of 5(started)

Details: blue wave 4 of 5 looking completed at  184.461, now blue wave 5 of 5 is in play .  Wave Cancel invalid level: 183.942

The "GBPJPY Elliott Wave Analysis Trading Lounge Day Chart" dated 23 November 23, offers an in-depth examination of the British Pound/Japanese Yen (GBPJPY) currency pair using Elliott Wave theory. This analysis is conducted on a daily chart, providing insights into potential longer-term price movements.

The identified "Function" is labeled as "Trend," indicating that the focus of the analysis is on identifying and capitalizing on the prevailing trend in the market. The market is currently assessed to be in an "Impulsive" mode, suggesting a strong and sustained directional movement.

The specific "Structure" being analyzed is denoted as "Blue wave 5 of black wave 5." This signifies a detailed study of a sub-wave within the larger Elliott Wave structure, specifically the fifth wave within the broader fifth wave.

The designated "Position" is clarified as "Black wave 5," indicating that the analysis is centered around the fifth wave of the broader Elliott Wave structure, offering insights into the potential completion of the current cycle.

Concerning the "Direction; Next Higher Degrees," the analysis points to "Blue wave 5 of 5 (started)." This implies an expectation of upward movement at a higher degree within the overarching Elliott Wave structure, indicating a continuation of the current bullish phase.

In terms of "Details," the report notes that "blue wave 4 of 5 looking completed at 184.461, now blue wave 5 of 5 is in play." This suggests a focus on the conclusion of a corrective wave (blue wave 4) and the initiation of the next impulsive wave (blue wave 5). The "Wave Cancel invalid level" is set at 183.942, providing a critical reference point. A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the GBPJPY Elliott Wave Analysis on the daily chart indicates an impulsive bullish movement within a larger Elliott Wave structure. The analysis highlights the completion of a corrective phase and the initiation of the next impulsive wave, providing traders with valuable insights for longer-term decision-making.




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
  • image.png

  • Posts

    • Crypto trading is a bit complicated when it comes to understanding the dynamics in profit making. Some people are more inclined to technical analysis which of course has been the widely used trading tool but some are more inclined to fundamentals but sticking to fundamentals alone could be highly risky in my own opinion even though crypto is also financial instrument that often respond to news updates.  A blend of the two could provide a safety net for traders in minimizing losses compared to potential profit. The above case scenario is largely attributed to perp futures trading and other derivatives. TA and FA could also be very useful for spot trading but I feel timely listing of projects could largely determine one's profit from investing in a project. These may not be for all projects cos some are **** coins. This could be a personal perspective but I have noticed listing speed is also another important factor to consider along with project fundamentals when trading and if we are to include listing speed as a factor for choosing trade then it will affect our choice of trading platform cos some are more inclined to top cap projects while others are more inclined low cap gems.   My experience with ORDI has proven this trading skill rewarding. ORDI was first listed on Bitget before other exchange joined the listing party after it saw rapid adoption reflecting in it significant MCap growth. This chart should give us a glimpse of my experience with this strategy.
    • In a stunning display of market momentum, the PANDORA token, the first of its kind, has skyrocketed an astonishing 4872% from its introduction on February 2nd to February 7th. This remarkable performance has not only caught the attention of cryptocurrency enthusiasts but has also solidified PANDORA’s position as a groundbreaking asset in the digital currency landscape. Pandora's ERC-404 protocol revolutionizes the token landscape by seamlessly blending the qualities of ERC20 and ERC721 standards. This experimental mixed implementation enables persistent liquidity and non-fungibility for NFTs, unlocking a realm of possibilities previously unexplored. Adding to the excitement, Bitget Wallet is gearing up to introduce a specialized section dedicated to ERC-404 token market listings. This feature creates a hub for tokens that blend the best of both worlds—the liquidity of ERC-20s and the uniqueness of ERC-721 NFTs. I have come to believe that, the electrifying surge of PANDORA token and the innovative ERC-404 standard is not just a fleeting trend but a window into the future of cryptocurrency.
    • A significant turning point in the #PORTALxBitget collaboration is the listing of $PORTAL on Bitget through the Candybomb event, which opens up benefits and synergistic prospects like 1. Diversified Trading choices: Users now have access to a wide range of trading choices thanks to $PORTAL's listing on the exchange, including cutting-edge leveraged trading capabilities and spot trading. This gives customers the freedom to interact with $PORTAL in a way that suits their preferred level of risk and trading techniques. 2. Community Synergy: By uniting the exchange users and the pre-existing $PORTAL community, the Candybomb event stimulates community engagement. Through this synergy, a positive environment surrounding #PORTALxBitget may be developed, encouraging cooperation, information exchange, and sustained interest in the project. Could this recent collab stimulate the  stage for a fruitful and mutually beneficial relationship between #PORTAL and exchange.
  • Create New...