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    GBP/JPY Elliott Wave Count and Fibonacci Levels for June 4, 2012


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    Technical summary:

    As we stated yesterday, the most likely pattern for wave (ii) was an expanded flat correction and wave b came closer to the termination. Wave b has terminated at the 138.2% target of wave a and now we should see wave c move to 1.4913 for a decline towards 1.4725.

    However, an expanded flat correction in wave (ii) already tells us what to expect for wave (iii) when it starts to unfold. After an expanded flat wave two we should always expect an extension in wave three and that means a rally of minimum 161.8% of wave (i) in wave (iii).

    Trading recommendation:

    We will place a EUR sell-order at 1.5265 with a stop at 1.5355.

    Uitgevoerd door, Analytische expert
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