Simplified Wave Analysis. Overview of GBP / JPY for the week of March 7

Large TF:

An upward wave model is developed on the cross-weekly scale chart, in which the middle part (B) has ended by the end of last year.

Small TF:

The ascending section of January 3 has powerful potential. Given the pronounced impulsive nature of the rise, the transition to a higher wave level will occur without obvious corrections. Before a further breakthrough in the main course, a short-term pullback is likely.

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Forecast and recommendations:

The current price increase sets a new course for the short-term trend of the pair. It is recommended to use any counter movements to search for input or to strengthen the instrument purchases.

Resistance zones:

- 149.40 / 149.90

Support areas:

- 146.00 / 145.50

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.

Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!

The material has been provided by InstaForex Company - www.instaforex.com

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