Elliott Wave Analysis: EURGBP and SILVER

EURGBP

EURGBP keeps trading nicely lower within a higher degree impulse labeled as wave C or 3. If that is the case, then the price will see even lower levels, as the current price movement suggests that the pair is trading in blue sub-wave v, that may extend its drop towards the 61.8 Fibonacci projected ratio, from where bears may slow down and a possible reversal higher may start to unfold.

EURGBP, 4H

SILVER

Silver turned sharply lower at the start of the month from the 19.00 area to 17.00 the region, but higher degree charts still show the idea of a corrective price action, but its more complex than we firstly thought. We are tracking a double zigzag now that can be underway back to the 15.00-15.30 area. On the 4h chart, we see the impulsive wave A that can be now near completion, as we can count five subwaves down, so be aware of a bounce up in wave B correction.

SILVER, 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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