Jump to content

British Pound/Japanese Yen(GBPJPY) 4 Hour Chart Elliott Wave Technical Analysis 8 February 24

Recommended Posts

GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 8 February 24

British Pound/Japanese Yen(GBPJPY) 4 Hour Chart

GBPJPY Elliott Wave Technical Analysis


MODE: impulsive

STRUCTURE: red wave 5 of C

POSITION: Red wave 4


DETAILS:,red wave 4 of C looking completed . Now red wave 5 of C is in play . Wave Cancel invalid level:185.236

The "GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 8 February 24, delves into the intricacies of the British Pound/Japanese Yen (GBPJPY) currency pair, employing Elliott Wave principles to offer a comprehensive market outlook.

The identified "FUNCTION" is "Trend," indicating a focus on understanding and potentially leveraging the prevailing market trend. Traders employing trend-following strategies may find value in aligning their positions with the identified trend direction.

The specified "MODE" is "Impulsive," suggesting that the current market structure exhibits characteristics of an impulsive wave. Impulsive waves are typically associated with strong and sustained price movements in the direction of the overarching trend.

The "STRUCTURE" is defined as "Red wave 5 of C," signaling the current wave within the larger Elliott Wave sequence. The analysis zeros in on the subwave count to provide a detailed understanding of the ongoing market dynamics.

The "POSITION" is labeled as "Red wave 4," offering insight into the subwave count within the broader red wave 5 of C. This detailed breakdown is valuable for traders looking to anticipate potential turning points or extensions within the current wave structure.

Regarding "DIRECTION NEXT LOWER DEGREES," the analysis points to "Black wave C," indicating the anticipated direction of the next lower-degree wave. Understanding these hierarchical relationships is fundamental in Elliott Wave analysis.

The "DETAILS" section asserts that "red wave 4 of C" is deemed completed. The analysis now suggests that "red wave 5 of C" is in play, signifying the potential continuation of the upward impulsive move.

The "Wave Cancel invalid level" is specified as "185.236." This level serves as a critical reference point, and a breach of this level may prompt a reassessment of the current wave count and market trajectory.

In summary, the GBPJPY Elliott Wave Analysis for the 4 Hour Chart on 8 February 24, indicates an impulsive structure with the initiation of red wave 5 of C. Traders are advised to closely monitor the market dynamics, particularly the specified invalidation level at 185.236, for potential shifts in the market sentiment.

Technical Analyst : Malik Awais




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

    • Another reason I prefer DAX to other markets is that I am able to use my own profitable method on it, which I call "Reverse Trades." In it's simplest form it is a good Entry Point, which is used repeatedly for trades, for as many times as the market price returns to this Entry Point.  This is illustrated in the chart below for 22nd May. The best Reverse Trades occur when the market beats the Entry Price and then re-crosses the Entry Price. If this is not clear, feel free to write to me and I will explain in greater detail.
    • The gaming industry is one of the industries that has effectively leveraged the efficiency of blockchain technology to drive growth. A fiercely competitive sector, it takes unique innovative Ideas to stand out. When analysing the chances of infant GameFi projects to reach the heights, one project seems to have staked a claim to be soon held in the same breath as the leading projects– Param Labs. Param Labs, an AAA game and blockchain development studio is dedicated to creating top-tier blockchain-integrated games with player-owned digital assets, and is developing a modular gaming ecosystem, comprised of games and infrastructure.  Already a trending project thanks to the widespread participation of its airdrop, Param has gone on to strike partnership with Animoca Brands, a frontrunner for advancing digital property rights within gaming and the open metaverse; highlighting its wildfire-esque spread. While the buzzing community anticipate their airdrop reward, the news that it will launch on Bitget on 29th May amongst other exciting listings has spiked the anticipation. If you can relate, how excited are you with the imminent launch and what Param Labs brings to the gaming industry generally?
    • Hey all, as some of you know, I've been reviewing quite a few new crypto projects lately and breaking down what they're about and the problems they aim to solve. Today, I'll be doing the same for a platform called HiveSwap. HiveSwap is a decentralized exchange operating specifically within the Bitcoin ecosystem. It utilizes the MAP Protocol to enable interoperability and facilitate seamless token swaps across Bitcoin's various layers - the base layer, layer 2 networks, and the MAP interoperability layer itself. A major selling point is HiveSwap's ability to bridge the gap and allow swaps between Bitcoin ecosystem assets and those from major EVM chains like Ethereum, BNB Chain, Polygon, and more. This cross-chain functionality is huge. The platform is also tackling liquidity issues for emerging asset classes like inscriptions and BTC-related tokens. HiveSwap provides a decentralized avenue for swapping these types of assets and creating liquidity pools, rather than being confined to centralized venues. With its robust underlying swap technology framework, HiveSwap ensures reliability and security for users contributing liquidity. It also incentivizes liquidity provision through liquidity mining rewards paid out in tokens. Overall, HiveSwap is positioning itself as the leading decentralized exchange within the Bitcoin realm. It's solving key interoperability challenges, bringing much-needed liquidity to newer assets, and leveraging proven tech for secure, trustless cross-chain/cross-layer swaps. HiveSwap is bridging multiple gaps in Bitcoin DeFi.
  • Create New...