Elliott Wave Analysis On Silver And GBPUSD

By: Gregor Horvat | Mon, Apr 4, 2016
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Silver

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.

SILVER, 4H

Silver 4-Hour Chart


EURGBP

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.

EURGBP, 4H

EURGBP 4-Hour 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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