Elliott Wave Analysis On GBPUSD And Natural Gas

By: Gregor Horvat | Wed, Jan 6, 2016
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GBPUSD

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.

GBPUSD, 4H

GBPUSD 4-Hour Elliott Wave Chart


Natural Gas

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

Natural Gas 4-Hour Elliott Wave Chart

 


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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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