Refer to Chart on Post # 939
Using EW and the Guideline on Wave Extentions plus the help of MT4 Fibonacci Extention Tool, End of Wave 3 is projected at FE 161.8.
Seeing Wave 3 to be extended, a relationship with Wave 1 is assumed to be 161.8% at the minimum. This is then drawn and we come up with FE 161.8 @ 241.69
On the side I have been observing how price travels in a particular direction based on a Breakout System ( previous day's Hi-Lo Range ) and I have observed it to stop at specific Fibonacci Levels like 38.2, 50, 61.8, 76.4 and 100. More often , prices stops at 61.8 and 76.4.
Another aspect I have been studying and observing too was how Price relates to Pivot Points and various Support and Resistance Levels.
In the case of GBPJPY now, Price is moving upwards.
1. Based on EW Count, it is developing to finish a wave 3 inside a wave 3 gopinf up.
2. Referring to Trendlines, We can see that a 4 hour Bullish candle has already formed ( opened and closed above a Daily downward trendline. This signals more upside movement, although a bearish retracement may still be experienced. But the general longer term direction would be upward.
3. Based on the Break out System Fibo Levels for Price are the following:
50 @ 241.76
61.8 @ 242.14
76.4 @ 242.60
100. @ 243.35
4. Pivots and Support ?Resistance Levels -
Price is above the Weekly, Monthly and the Daily Pivots
Daily Resistance 3 is @ 242.42
Weekly Resistance 3 is @ 242.42 also
Although EW Count conservatively places Wave 3 to end at 241.69 which is barely 50% in the Breakout system, I am inclined to see price going or surpassing these levels and approaching Weekly R3 Level @ 242.24 which is nearer to 61.8% of the Breakout System.
Better Post this now as price is already climbing
Using EW and the Guideline on Wave Extentions plus the help of MT4 Fibonacci Extention Tool, End of Wave 3 is projected at FE 161.8.
Seeing Wave 3 to be extended, a relationship with Wave 1 is assumed to be 161.8% at the minimum. This is then drawn and we come up with FE 161.8 @ 241.69
On the side I have been observing how price travels in a particular direction based on a Breakout System ( previous day's Hi-Lo Range ) and I have observed it to stop at specific Fibonacci Levels like 38.2, 50, 61.8, 76.4 and 100. More often , prices stops at 61.8 and 76.4.
Another aspect I have been studying and observing too was how Price relates to Pivot Points and various Support and Resistance Levels.
In the case of GBPJPY now, Price is moving upwards.
1. Based on EW Count, it is developing to finish a wave 3 inside a wave 3 gopinf up.
2. Referring to Trendlines, We can see that a 4 hour Bullish candle has already formed ( opened and closed above a Daily downward trendline. This signals more upside movement, although a bearish retracement may still be experienced. But the general longer term direction would be upward.
3. Based on the Break out System Fibo Levels for Price are the following:
50 @ 241.76
61.8 @ 242.14
76.4 @ 242.60
100. @ 243.35
4. Pivots and Support ?Resistance Levels -
Price is above the Weekly, Monthly and the Daily Pivots
Daily Resistance 3 is @ 242.42
Weekly Resistance 3 is @ 242.42 also
Although EW Count conservatively places Wave 3 to end at 241.69 which is barely 50% in the Breakout system, I am inclined to see price going or surpassing these levels and approaching Weekly R3 Level @ 242.24 which is nearer to 61.8% of the Breakout System.
Better Post this now as price is already climbing