Jump to content

British Pound/Japanese Yen(GBPJPY) Day Chart Elliott Wave Technical Analysis 16 January 24


Recommended Posts

GBPJPY Elliott Wave Analysis Trading Lounge Day  Chart, 16 January 24

British Pound/Japanese Yen(GBPJPY) Day Chart

GBPJPY Elliott Wave Technical Analysis

Function:  Trend

Mode: Corrective

Structure:  Black wave C of 4

Position: Blue wave 5

Direction Next Higher Degrees:Red wave 5

Details:,  black wave B looking completed between  fib level  61.80 to 78.60 . Now black wave C may have just started. Wave Cancel invalid level:188.680

The "GBPJPY Elliott Wave Analysis Trading Lounge Day Chart" dated 16 January 24, offers a detailed analysis of the British Pound/Japanese Yen (GBPJPY) currency pair using Elliott Wave theory on a daily timeframe. The analysis is geared towards understanding potential market movements, with a specific focus on corrective structures within the broader trend.

The identified "Function" is labeled as "Trend," indicating that the analysis primarily seeks to understand the directional movements of the market. This suggests a focus on identifying trends within the GBPJPY pair.

The specified "Mode" is characterized as "Corrective," suggesting that the current phase of the market is corrective in nature. Corrective phases are crucial for traders as they often precede or follow impulsive price movements.

The primary "Structure" is described as "Black wave C of 4," signifying that the market is within a corrective wave labeled as black wave C within the broader Elliott Wave count. Corrective waves often involve complex price movements and provide opportunities for traders to position themselves for the next phase of the trend.

The identified "Position" is labeled as "Blue wave 5," indicating the potential position within the broader Elliott Wave count. This suggests that the current corrective structure (Black wave C of 4) is part of a larger pattern, and blue wave 5 is the anticipated next phase.

In terms of "Direction Next Higher Degrees," the analysis points to the expected "Red wave 5." This signifies that, following the completion of the current corrective structure (Black wave C of 4), the subsequent move is expected to be an impulsive wave labeled Red wave 5.

The "Details" section notes that "black wave B looking completed between fib level 61.80 to 78.60." This implies that the preceding corrective wave, black wave B, likely formed within a Fibonacci retracement range. Now, the analysis suggests that black wave C may have just started, indicating the potential beginning of a new phase in the correction.

The "Wave Cancel invalid level" is identified as "188.680." This level serves as a crucial reference point, and if the market surpasses this level, it would invalidate the current wave count, prompting traders to reassess their analysis and potentially indicating a change in the anticipated market direction.

In summary, the GBPJPY Elliott Wave Analysis for the daily chart on 16 January 24, suggests that the market is currently within a corrective phase (Black wave C of 4), with a potential start of the next impulsive wave (Blue wave 5). Traders are advised to monitor the progression of the correction and consider the invalidation level at 188.680.

Technical Analyst : Malik Awais

 

 

16cf2e9a4b92820f90cbe496fc676f14

 

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

    • Binance Referns Kod: “VO2P1RYP” olarak kullanilir. Dünyada en çok kullanılan, ömür boyu geçerli, en yüksek indirim oranına sahip Binance referns kod udur. Binance kripto para borsasına kayıt olurken “Referns Kimliği” yazan yere “VO2P1RYP” yazınız. Alacağınız işlem ücreti indirimi % 116'dır. Ayrıca 600$ USDT komisyon iade bonusu alacaksınız. Kripto para borsası Binance Referns Kod: “VO2P1RYP” ile vadeli işlem yani futures işlem ücreti indirimleri ve spot ve marjin işlem ücreti indirimleri kazanırsınız. Ayrıca bonuslar ve bir çok promosyon kazanırsınız. Teknoloji ve finans dünyasında yatırım ve ticaret yapmak için hemen Binance borsasına: “VO2P1RYP” referns kod u ile kayıt olun.
    • As sustainability continues to shape investment strategies, two standout ESG (Environmental, Social, and Governance) stocks to consider in 2024 are Tesla and NextEra Energy. Tesla (TSLA) remains a leader in the electric vehicle market, driving the transition to sustainable energy with its innovative technologies and strong commitment to reducing carbon emissions. NextEra Energy (NEE), one of the largest producers of wind and solar energy, exemplifies strong environmental practices and governance, making it a top choice for ESG-focused investors. Both companies are well-positioned to benefit from the increasing global emphasis on clean energy and sustainability initiatives.
    • the trajectory of the price has been good lately. this seem to be a good investment for all parties.
×
×
  • Create New...
us