Elliott Wave Analysis On Silver And GBPUSD
Silver is in the corrective flat pattern, trading close to its completion. We can see on the chart a 3-3-5 structure with expanding flat properties. We expect a reversal soon close to 14.60 levels, where previous wave A) lows can act as a support and a turning point. From here we should ideally see a bounce into a new bullish cycle in blue wave 5 of a higher degree. The projection target for wave 5-circled should be close or above wave B), that is visible on the chart.
On the 4h chart of EURGBP, we are observing an idea of a flat corrective pattern, that can be midway thourgh its completion, as price is now trading in final stages of blue wave B. That said we would like to see a break beneath lower corrective channel line, for confirmation that lower levels will follow in wave C-circled of IV. Ideally a break through 0.78271 will folow in the next few days.
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