Elliott Wave Analysis on EURJPY and SILVER

EURJPY

On the 4h chart of EURJPY we are tracking an Elliott Wave triangle in the middle of a big downtrend that should continue towards the 109.00 area after this, the five wave sideways pattern is finished. For now however, the bearish trend should not show up yet, as we see the pair now turning up for wave E representing the final missing part of an Elliott Wave triangle.

EURJPY, 4H

SILVER

Silver broke beneath the 18.30 level but higher degree charts still show three waves of a decline from above 21.00 area. It’s a correction within an ongoing uptrend that will be expected to resume later this year. But for now the 4h chart shows that current wave C may resume towards the 16.70 area after a fourth wave bounce, before metal may look for a bullish turn. Short-term resistance is seen at 18.00.

SILVER, 4H

Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.

Basic Triangle Correction:

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!

View all posts by Gregor Horvat