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Elliott Wave Analysis on Crude oil and GBPJPY

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

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!