Market: GBPJPY
Trend: Increasing
Interval: M30
Levels:
Support – 231, 230.85, 230.72
Resistance – 232.22, 232.47, 233.10

Description:

The market has currently reached a level rich In market geometry. What does this exactly mean?

• The current correction has reached the boarders of the 38.2% reatracement of the increase wave (Pic. 1).
• The current correction (Pic. 1, line AD) represents 78.6% of the previous correction (Pic. 2, line WX).
• 50% XA = AD

This points to the fact that the bulls have grown in power. An additional signal to this is the forming of the pro increase candlestick formation; the hammer (Pic. 1, pink rectangle).

I currently believe that investors should await the continuation of the increase run, adding that if the level of 232.22 is broken, than the next stop should be within the boarders of 233.10.

Pic.1

Omar Arnaout