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Elliott Wave Analysis on crude oil and EURJPY

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

Gregor Horvat

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!