Elliott Wave Analysis on EURGBP and crude oil

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EURGBP

One very interesting pair that we are tracking is the EURGBP which shows a nice and clean five wave rally from May lows up to 0.7900 where resistance has been found recently. So far we have seen a nice dip, but only with three legs for now, so we expect another leg down for a valid contra-trend formation. Wave C) drop is expected towards 0.7700-0.7720 area where we will look for a strong push to the upside.

EURGBP, 1H

eurgbp 1

Crude Oil

Crude oil broke out of a triangle yesterday so more gains are expected in the sessions ahead, up into wave 5) that can be targeting 50.70 or even 51.60 area, while the price is above 48.32. The move can be very sharp as we expect an impulsive structure.

Crude OIL, 1H

oil 1 (1)

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About Author

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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