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Crude OIL

OIL is trading in a downtrend together with some stocks, very soon we will be able to count five waves from the highs with a potential support around 47.10-20 region for the blue wave v. After five waves are visible, we will then expect a minimum three waves of pullback to unfold. The upside price action in this correction should follow with resistance around 49.20-30 levels.

Crude OIL, 1H

OIL 1

EURJPY

As expected, EURJPY continued lower after the price made a correction in wave 4) with a nice three wave move. The price is now trading in wave 5) with a potential support around 118.50 area. We might even see more downside on this pair but only after a minor pullback unfolds. After wave 5) is completed, a bigger contra-trend movement is expected to follow.

EURJPY, 30Min

eurjpy 30 min