Elliott Wave Analysis: USDJPY and SILVER

USDJPY

USDJPY turned nicely up from 110.10 low as warned at start of the week when we saw a breakout of a triangle, so we know that the market was in the late stages of a five-wave movement. So far, we have seen a nice turn up, out of a downward channel which can be a new confirmation for a turn that might begin with a leading diagonal placed in wave 1.

USDJPY, 1H

SILVER

Silver has seen some downside today towards 18.00 where the market found a support 30mins back so this fourth wave now looks more and more like a triangle and not a flat. However, it’s also a corrective wave that occurs within an ongoing trend so we will stick with the bullish view towards 18.40/50 for wave five.

SILVER, 1H

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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