GBP/JPY H1 Chart Breakdown
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Elliott Wave Structure:
The chart appears to be within an Elliott Wave pattern, specifically focusing on the 5th wave.
Wave 5 is nearing completion and has projected targets around 196.139. The invalidation level for this wave is located at 196.671—if price moves beyond this, it will invalidate the current wave count.
Break of Structure (BOS):
A Break of Structure (BOS) is noted on the internal high. This indicates a shift in price momentum from bearish to bullish.
After the bullish movement broke the structure, price retraced and created a correction phase.
Fibonacci Retracement Levels:
The retracement after the bullish push aligns with Fibonacci levels:
0.236 level at 195.517
0.382 level at 195.192
These levels are crucial as they indicate where the price could react, showing potential areas for entries if a bounce occurs.
The equilibrium level (50% Fib) is located at 194.915, which often acts as a magnet for price in corrective phases.
Order Blocks:
A bullish order block sits below 195.192, signaling a key demand area. If the price retraces to this level, we can expect a possible bullish continuation from this discounted zone.
Short-term Outlook:
A retracement toward 195.192–194.915 is anticipated before a possible bullish continuation.
Price should not break below 193.687, which is a key invalidation zone for the bullish scenario.
The chart appears to be within an Elliott Wave pattern, specifically focusing on the 5th wave.
Wave 5 is nearing completion and has projected targets around 196.139. The invalidation level for this wave is located at 196.671—if price moves beyond this, it will invalidate the current wave count.
Break of Structure (BOS):
A Break of Structure (BOS) is noted on the internal high. This indicates a shift in price momentum from bearish to bullish.
After the bullish movement broke the structure, price retraced and created a correction phase.
Fibonacci Retracement Levels:
The retracement after the bullish push aligns with Fibonacci levels:
0.236 level at 195.517
0.382 level at 195.192
These levels are crucial as they indicate where the price could react, showing potential areas for entries if a bounce occurs.
The equilibrium level (50% Fib) is located at 194.915, which often acts as a magnet for price in corrective phases.
Order Blocks:
A bullish order block sits below 195.192, signaling a key demand area. If the price retraces to this level, we can expect a possible bullish continuation from this discounted zone.
Short-term Outlook:
A retracement toward 195.192–194.915 is anticipated before a possible bullish continuation.
Price should not break below 193.687, which is a key invalidation zone for the bullish scenario.
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Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.