GBPUSD and GOLD Intraday: Elliott Wave Analysis
GBPUSD is trying to recover from earlier losses to 1.5864 which was probably wave (v) low and not wave (iii). The reason is a sharp bounce now above 1.5960 that invalidated our previous interpretation, so looks like there was a triangle placed in fourth wave. New count now shows a five wave decline from 1.6180 which means that despite sharp rally in price the pair is still bearish and that current bounce will be just another but probably a bigger correction. However, 1.6180 is invalidation level, as long this one holds we will look for more weakness.
GBPUSD 1h Elliott Wave Analysis
Gold fell to 1137 and touched our 261.8% Fibonacci extension level of fourth wave where current wave (v) can be looking for a support. However, keep in mind that calling a top or bottom in any market is very difficult, so before you want to look for any reversal wait on the proper price action. In our case a reversal from the low would be confirmed only if market will rally in five waves back above 1161.
GOLD 1h Elliott Wave Analysis
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, 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 www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple 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.
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