I am a novice Elliottician and I just wanted to start a new thread to see if I could get a few other people who are interested in elliott wave to put our heads together and make some PIPS!! I like to follow the GBP/$ and the $/JPY as well as the product of the two the GBP/JPY. Here are my latest elliott Wave counts and projections.
The Elliott wave situation in gbp/jpy as well as gbp/$ it is still pointing higher. In gbp/$ I am seeing the 2.0240-50 area as being the end of the 5 wave impulse of the uptrend starting on 3/6/07 and that same 2.0240-50 area looks to be the end of a Major 5 wave system that started on 6/29/06. The minor wave 5 end will be 2.618 fibonacci proj. of wave 1 = (251 pips)1.9589 + (2.618 * 251)= 2.0246. Now for the major wave 5. The wave series started at 1.8088 on 6/29/06 if wave 1 = wave 5 will fall at 2.0240. Wave 1 started at 1.8088 and wave 1 = 1056 pips 1.8088 + 1056 = 2.0240.
As for gbp/jpy I still believe it will go to somewhere in the neighborhood of 240.00-241.00 before the 4th wave of wave 3 sets in. It should be a bear as a lot of 4th waves are.
Now there may be some minor corrections in the trek up to these lvl’s but I believe this is where we are headed.
The chart below is a 4hr GBP/$ chart showing the 5 waves up to our current lvl’s.