GBPJPY after the sell progression last week
This GBPJPY chart is analyzed using Elliott Wave Theory on the 1-hour timeframe. The chart highlights the progression of waves, with distinct impulse and corrective structures marked. A completed corrective wave (labelled as wave 2) precedes a bullish impulsive move (wave 3), which aligns with Fibonacci extensions for target projections. Key levels, such as the 0.5 and 1.618 Fibonacci retracements/extensions, are used to validate the wave counts and potential reversal points.
The market's bullish momentum is evident as price rises from the 195.87 level, completing smaller subwaves within wave 3. The chart also includes annotations showing precise wave counts (i, ii, iii, etc.), supporting the detailed wave progression. Additional indicators, such as predictive ranges and smart money concepts, help identify resistance at 199.53 and support near 195.87.
This analysis suggests further bullish potential while cautioning about resistance levels near wave targets.
The market's bullish momentum is evident as price rises from the 195.87 level, completing smaller subwaves within wave 3. The chart also includes annotations showing precise wave counts (i, ii, iii, etc.), supporting the detailed wave progression. Additional indicators, such as predictive ranges and smart money concepts, help identify resistance at 199.53 and support near 195.87.
This analysis suggests further bullish potential while cautioning about resistance levels near wave targets.
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