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Technical Analysis

Elliott Wave Analysis: GBPJPY Trading In A Temporary Correction

Typography

GBPJPY may be trading at the beginning of a three wave correction, now in wave a. As such after wave a finds bottom a new bounce into wave b may follow. Later the mentioned wave b may see limited upside around the 139.90 level, from where a new drop into the following wave c may follow. Support for the whole corrective retracement may later be around the 138.29 level.

GBPJPY, 1H

Author: Admiral MarketsWebsite: http://www.admiralmarkets.com/
Admiral Markets
The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.
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