GBPJPY - SELL IDEA
The GBPJPY 30-minute chart shows a potential short setup based on the Elliott Wave analysis. The chart indicates that the price has likely completed a five-wave structure labeled as waves (1) through (5), with wave (5) being the final upward movement. The current corrective phase seems to be in the process of developing, with wave (a) having already been formed.
The retracement levels for wave (b) are marked at the 0.404, 0.5, and 0.618 Fibonacci levels, corresponding to prices of 192.051, 192.283, and 192.568, respectively. After the completion of wave (b), the market could potentially move downward to form wave (c). The target levels for wave (c) are projected at the 0.618 and 1 Fibonacci extensions, corresponding to prices of 190.559 and 189.637, respectively.
Traders might consider entering short positions after wave (b) completes, targeting the lower levels indicated by the projected wave (c) extension. Proper risk management strategies should be applied to account for market volatility.
The retracement levels for wave (b) are marked at the 0.404, 0.5, and 0.618 Fibonacci levels, corresponding to prices of 192.051, 192.283, and 192.568, respectively. After the completion of wave (b), the market could potentially move downward to form wave (c). The target levels for wave (c) are projected at the 0.618 and 1 Fibonacci extensions, corresponding to prices of 190.559 and 189.637, respectively.
Traders might consider entering short positions after wave (b) completes, targeting the lower levels indicated by the projected wave (c) extension. Proper risk management strategies should be applied to account for market volatility.
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