Elliott Wave Analysis On EURGBP And SILVER

By: Gregor Horvat | Mon, Aug 1, 2016
Print Email


EURGBP

The US market is open for trading. On the 4h chart of EURGBP, we are observing a nice bearish cycle taking place, with price trading in its contra-trend part, the consolidation. As such, after this A-B-C correction is completed, price may reach lower levels in seasons to come. Currently we see price in its final leg C, near the possible reversal zone at 61.8 Fibonacci ratio.

EURGBP, 4H

EUR/GBP 4-Hour Chart


SILVER

Silver is still trading to the upside with red wave 3) now in progress. As a note for a fully completed impulse we need to see a five wave development unfold, meaning one more wave is needed for wave 3 to complete its run.

After wave 3 is finished, a corrective reaction may be around the corner in wave 4, with possible support seen around 20.30-20.50 area, from where new gains could follow.

SILVER, 4H

Silver 4-Hour Chart

 


Interested in our services? Visit our webpage now at www.ew-forecast.com and check more of our Analysis. You can even subscribe to our Twitter account -> @ewforecast

 


 

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/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com