Elliott Wave Analysis On Crude OIL And GBPJPY
Crude oil is trading as planned, now making a nice impulsive decline from recent highs at 39.00, down into wave c) ideally towards 35.75-36.25 area, where a change in trend can occur. As we see wave c) is approaching fibo ratio of 38.2, which can react as a support into higher levels.
That said invalidation level is at-34.67, as long as it holds, we are looking bullish.
On the GBPJPY pair, we see a nice looking five wave cycle from the lows, which seems to be near completion, as price turned down in recent sessions. If we are correct, and price continues to the downside, then we will assume that a three wave pullback will unfold, before more upside can be seen. Ideally this correction will continue to around 158-160 area, where previous wave iv of a minor degree, can react as a support into higher levels.
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