Thursday, June 16, 2016

Elliott wave analysis of GBP/JPY - The ideal 147.00 target is now within reach

GBP/JPY - The ideal 147.00 target is now within reach
The ideal target near 147.00 is now within reach.
The cluster of calculation that yields the 147.00 target indicates that this should be a support to be reckoned with. The most important calculations are the 61.8% corrective target of the rally from 116.82 to 195.88, which is seen at 146.80. Calculating the target for wave (v), the 38.2% target of the distance traveled from the top of wave (i) at 195.88 to the bottom of wave (iii) at 151.63 subtracted from the top of wave (iv) yields exactly 147.00.
The bottom of wave 4 of the rally from 118.77 to 174.85 is seen at 147.06, so we should expect support at 147.00 to be a force to reckoned with and likely being able to terminate the long term correction for a new impulsive rally that ultimately will take out the 2015 top at 195.88.
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