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

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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