GBPJPY Elliott Wave Analysis Trading Lounge Day Chart
British Pound/Japanese Yen (GBPJPY) Day Chart
GBPJPY Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Gray wave A
POSITION: Orange wave 4
DIRECTION NEXT HIGHER DEGREES: Gray wave B
DETAILS: Orange wave 3 looking completed, now wave A of orange wave 4 is in play. Wave Cancel invalid level: 208.164
The GBPJPY Elliott Wave Analysis on the daily chart indicates a counter trend function. This trend is characterized as corrective, typically signaling a temporary pause or reversal before the original trend resumes. The wave structure currently under analysis is gray wave A, a key part of the broader corrective phase.
The market's position is at orange wave 4, suggesting that the corrective process is unfolding within this wave. The analysis highlights that the next higher degree direction is gray wave B, implying that after gray wave A completes, the market will transition into gray wave B, often representing a partial retracement or continuation of the previous trend in a more measured manner.
Orange wave 3 appears to be completed. This is an essential milestone, indicating that the market has moved through the impulsive phase of orange wave 3 and is transitioning into the corrective phase of wave A within orange wave 4. This shift typically involves a corrective retracement of the previous impulsive movement.
The wave cancellation invalid level is specified at 208.164. This level is crucial as it validates the current wave count. If the GBPJPY price drops below this level, it invalidates the current wave structure, suggesting the expected progression from orange wave 3 to orange wave 4 is not occurring as anticipated. This would require a reassessment of the wave count and a new market direction analysis.
In summary, the GBPJPY Elliott Wave Analysis on the daily chart indicates a counter trend function in a corrective mode. The current structure is gray wave A, with the market positioned at orange wave 4. The next higher degree direction points to gray wave B. With orange wave 3 completed, the market is now moving into wave A of orange wave 4. The wave cancellation invalid level at 208.164 is vital for maintaining the validity of the current wave structure.
GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart
British Pound/Japanese Yen (GBPJPY) 4 Hour Chart
GBPJPY Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Impulsive
STRUCTURE: Navy blue wave 5
POSITION: Gray wave A
DIRECTION NEXT HIGHER DEGREES: Gray wave B
DETAILS: Navy blue wave 4 looking completed, now wave 5 is in play. Wave Cancel invalid level: 208.164
The GBPJPY Elliott Wave Analysis on the 4-hour chart indicates a counter trend function. This trend is described as impulsive, suggesting strong directional movements. The current wave structure under analysis is navy blue wave 5, signifying a continuation of the trend within this wave. The market's current position is at gray wave A, marking the beginning of a new phase within the larger wave structure.
The analysis suggests the next higher degree direction will be gray wave B. This implies that after gray wave A completes, the market is expected to move into gray wave B, typically representing a corrective phase that follows an impulsive wave, often involving a retracement of the preceding movement.
Navy blue wave 4 appears to be completed. This is a key point in the wave analysis, indicating the market has moved through the corrective phase of wave 4 and is now advancing into the impulsive phase of navy blue wave 5. This progression is characterized by a strong trend movement, continuing in the direction established by the prior waves.
The wave cancellation invalid level is specified at 208.164. This level is critical as it validates the current wave count. Should the GBPJPY price fall below this level, it invalidates the current wave structure, suggesting the expected progression from navy blue wave 4 to navy blue wave 5 is not occurring as projected. This would necessitate a reevaluation of the wave count and a reassessment of the market's direction.
In summary, the GBPJPY Elliott Wave Analysis on the 4-hour chart shows the market in a counter trend mode with an impulsive structure. The current position is gray wave A, with the direction pointing towards gray wave B. With navy blue wave 4 completed, the market is now moving into navy blue wave 5. The wave cancellation invalid level at 208.164 is crucial for maintaining the current wave structure's validity.
Technical Analyst: Malik Awais
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