Home Elliott Wave GBPUSD and GOLD August 31 2016
Daily Look

Elliott Wave GBPUSD and GOLD August 31 2016

GBPUSD

Cable is not moving much this week, which is fine as the price action normally slows down after a strong move like we have seen one from 1.3277 swing high last week. This was an impulse so more weakness is expected after a corrective bounce which is now unfolding for wave B. Ideally, the price will retrace to 1.3140 where bears may step in.

GBPUSD, 1H

GBPUSD 1 (2)  

GOLD

Gold fell down to 1310 as expected, as we were looking for a fifth wave of decline in wave C). This leg is now in play but can be near completion at the lower side of a diagonal line that can turn into a support. So ideally, reversal is near, but we would need to see a rise back above 1325 before we may confirm a low in place.

GOLD, 1H

GOLD 1 (4)

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!