Elliott Wave Analysis On EURJPY And Crude OIL
US markets will be open for trading in a few minutes after yesterday holidays. EURJPY is advancing quite sharply to our designated target for wave C) of a larger triangle correction . We are tracking a five wave move to the upside in this red wave C, and for now we have already seen waves 1 and 2 unfold. We think that price can now ideally reach levels around 125 area, where the upper triangle channel line can act as a resistance and a turning point lower.
Crude OIL has been trading quite nicely in the last month or so, as five waves from the end of wave 4) are nicely visible on the 4h chart . We believe that after recognizing a triangle correction in wave 4, this last leg that unfolded in impulsive fashion to around 50 mark per barrel may be wave 5, the last wave of an impulsve sequnce, thus meaning that a minor three wave retracement may be just around the corner.
Crude OIL, 4H
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