Last chart I posted would be for the Short and Medium Term Projections for GBPJPY
Below is a Longer Term Projection on GBPJPY Using EW Theory and Harmonic Patterns.
Knowing that again so many traders think that the USD is going down and with all the credit and the sub prime issues both in the USA and UK, the "market" has the tendency to think that we are going to see the "FALL" of the USD and see the Strengthening of the JPY.
Based on my Monthly Chart EW Count, yes ... it is still possible that this pair is going down up to the Wave 1 @ 208.14 of this Wave C in The Monthly Chart. However, I would think that this will not go any further than the last low we had at 219.31
Infact, we would probably see a running flat corrective wave where the C wave does not go beyond wave A. And this is due to the underlying strong main trend ( BULL TREND ).
This means that Our wave C down will end at 234.74 area and will reverse to the Upside with a strong move to get back to the Bull Trend.
Carry Trades will be back till the range of 259.69 - 263.33
After this....... you will see it in my monthly chart.
Notice where my Monthly Projection is and where my Daily Projection is located too....
Quite a number of things pointing to a narrow range of price levels.
I hope that if anybody follows this analysis and Projection and believe that this actually helped them profit ( incase this does unfold as i have projected here ) .... would be kind enough to make a donation to Charity.
May you all have a nice year end harvesting all these pips.
I will have to manage with whatever is left in my account. This has been a very expensive lesson for me. But I think I have learned quite a lot in this 1 year of studying forex.
EG
Below is a Longer Term Projection on GBPJPY Using EW Theory and Harmonic Patterns.
Knowing that again so many traders think that the USD is going down and with all the credit and the sub prime issues both in the USA and UK, the "market" has the tendency to think that we are going to see the "FALL" of the USD and see the Strengthening of the JPY.
Based on my Monthly Chart EW Count, yes ... it is still possible that this pair is going down up to the Wave 1 @ 208.14 of this Wave C in The Monthly Chart. However, I would think that this will not go any further than the last low we had at 219.31
Infact, we would probably see a running flat corrective wave where the C wave does not go beyond wave A. And this is due to the underlying strong main trend ( BULL TREND ).
This means that Our wave C down will end at 234.74 area and will reverse to the Upside with a strong move to get back to the Bull Trend.
Carry Trades will be back till the range of 259.69 - 263.33
After this....... you will see it in my monthly chart.
Notice where my Monthly Projection is and where my Daily Projection is located too....
Quite a number of things pointing to a narrow range of price levels.
I hope that if anybody follows this analysis and Projection and believe that this actually helped them profit ( incase this does unfold as i have projected here ) .... would be kind enough to make a donation to Charity.
May you all have a nice year end harvesting all these pips.
I will have to manage with whatever is left in my account. This has been a very expensive lesson for me. But I think I have learned quite a lot in this 1 year of studying forex.
EG