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GBPJPY

GBPJPY is trading in the a-b-c corrective pattern. We have wave a, and possibly b at latest highs. Since this pair is volatile, wave b is a bit higher for the corrective standards or the usual wave b levels. We still expect to see a drop down into wave c for the completion of this pattern, after a nice five wave movement to the upside had unfold. Our target for this corrective pullback and wave c is around 134-136 area, from where a possible new bullish reversal may follow.

GBPJPY, 1H

gbpjpy 1

Crude OIL

Crude oil is trading lower for the last few weeks from 52.00 region but price action is overlapping within a trading channel which is personality of a contra-trend move. As such, we labeled the decline as blue wave four that represents a big correction within the uptrend. That said, we now think that the uptrend could resume, as the ending diagonal in wave C) looks completed as a three sub-wave move. This has unfolded in the final black wave 5 back to around 44 and afterwards, the pair made a little bounce higher which could be the start of a new bullish cycle.

Crude OIL, 4H

OIL 4 (1)