Elliott Wave Analysis For OIL and USDJPY

By: Gregor Horvat | Fri, Jan 2, 2015
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As expected, WTI crude oil is at the lows after a completed fourth wave triangle that we were tracking for the past few days. We see prices now in wave v) that can be targeting 49.50/50.00 area, a triangle measurement target, where market could be looking for a support. Keep in mind that market always turns, following the trust out of a triangle, as this leg is final in the sequence; in our case of wave (iii).

OIL 4h Elliott Wave Analysis

OIL 4h Elliott Wave Analysis

USDJPY seems to be headed back to the highs after recent retracement to 118.85 zone where we see a completed corrective fourth wave. As such, wave (v) is now in view for 122.00, possibly even for 123.

USDJPY 4h Elliott Wave Analysis

USDJPY 4h Elliott Wave Analysis

 


 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

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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