Elliott Wave Analysis On EURGBP And SILVER
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.
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.