Elliott Wave Analysis On Silver And GBPUSD

By: Gregor Horvat | Wed, Jun 29, 2016
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SILVER

Silver is in the bullish structure from latest lows. Price almost completed five waves to the upside with nice subdivisions. Blue wave iii might complete around 18.60-70 region but we still need to see waves four and five to develop for the whole impulsive structure. Projected area for this impulse is around 261.8 level, where a new turn lower can occur.

Silver, 30Min

Silver 30-Minute Chart


GBPUSD

GBPUSD has made a triangle consolidation, which make us wonder if this move up is only a pullback. As we know triangle appears only in the fourth wave of an impulse or in wave b of a correction. So because of recent price data we believe price can continue higher towards 1.360 area, where a possible turning point can occur.

GBPUSD, 15Min

GBP/USD 15-Minute 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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