GBP/JPY Elliott wave count and Fibonacci levels for July 7, 2011

GBP/JPY has finished corrective subwave B from 128.19 to 130.82 (colored royal blue in the chart) that is part of impulse wave C of long term downtrend (from 132.30) - this one is light green in the chart. Now we have potential impulse wave C developing from 130.82. Within this wave there are A and B subwaves - colored orange red.
Now the targets of the downmove are Fibonacci retracements of 128.40-130.82, and expansions off 139.93-130.26-135.11, 135.11-129.74-132.30, 132.30-128.19-130.82, 130.82-128.95-129.63.
Supports:
- 128.47 = contracted objective point (COP)
- 128.28 = COP
- 127.76 = objective point (OP)
- 126.93 = OP
- 126.71 = OP
- 126.60 = expanded objective point (XOP)
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 130.82-128.95.
Resistances:
- 129.66 = .382 retracement
- 129.88 = .50 ret
- 130.11 = .618 ret

Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (20-25 pips above the current prices) or into the overbought area (55-70 pips above the current prices).
http://instaforex.com/forex_analysis/32830/?x=OUE