Elliott Wave Analysis On GBPUSD And Natural Gas
GBPUSD is at new low so obviously wave 4 is already completed at 1.4815 with another sharp correction. We see current price in wave 5, final leg within an extended wave 3) that can be underway towards 1.4550 area where we see some Fibonacci ratios that can act as a support. That said, traders must be aware of turn up into a new corrective rally as we approach end of the week.
On the 4H chart of Natural Gas, we are looking higher as direction and wave pattern looks very clear. There is a strong upward movement since mid December followed by current sideways price action that looks like a triangle in wave (iv) so more gains are excepted soon.
Natural Gas, 4H
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