Search ForexCrunch

Crude OIL

On the 1h chart of Crude OIL, we are looking at the red wave C) as part of a complex correction in blue wave 4, which can be near completion, as the price displayed sings of a completed ending diagonal in the current final wave. As such, we would be now looking for more upside, and a nice break above the black wave 4 swing, that could signal that more gains could follow.

Keep in mind, that the ending diagonal pattern is a powerful reversal pattern, meaning that after its completion, the price tends to reverse and turn higher towards the start point of this pattern.

Crude OIL, 1H

OIL 1 (1)

GBPJPY

On the intraday chart of GBPJPY, we are observing a nice three wave impulse from the lows at 128.55, from where a possible new bullish cycle has started. For now we think that the price is trading in red wave (iii) as part of a strong blue wave iii-circled. We see that the price recently traded above the upper corrective channel line, which can mean that more upside is in store for this pair, and that after blue wave iii is completed, the upper corrective channel line can act as a support for blue wave iv.

GBPJPY, 30Min

gbpjpy 30