Elliott Wave Analysis EURUSD & GBPUSD November 23 2016

EURUSD

In some examples the market is so fast that it is hard to even follow it, with sharp waves and without any big retracements. Normally this occurs when some very complex and long sideways corrective patterns are finally broken. And this is exactly what is happening on the EURUSD now; a strong bear market continuation following a completed triangle last week at 1.1300. We do not see any real pullbacks at this stage, and when they occur, they will not be deep. So, we need to consider the idea of a sharp wave V headed down to 1.0400 area.

EURUSD, 4H

GBPUSD

GBPUSD has been trading higher recently with a new leg up last week to 1.2680 where we called end of a five wave recovery from the end of October. Notice that the market then turned south, but only with three waves that found a support yesterday at 1.2300 area. We can see a nice bounce from a trendline support which sent the price back to 1.2500 level and above. It looks like an impulsive wave 1) so more gains may follow in the days ahead, but after a pullback in wave 2), which can be interesting to join the trend for a new leg up to 1.2670. Support for this undergoing wave 2) may be around the 61.8 Fibonacci ratio, from where bulls may take off.

GBPUSD, 4H

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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