Elliott Wave Analysis On EURGBP And SILVER
On the 4h chart of EURGBP we can see that a decline from the high has been made in five waves, which represents only one part of a corrective blue wave 4-circled. Keep in mind that any correction should be made by minimum three legs! As such, more weakness is likely coming in days ahead, maybe to 0.8100-0.8200 area, but after a completed recovery up into a red wave B) that may look for a resistance at 0.8450-0.8490 area in the next few days.
On the 4h chart of SILVER we are observing an impulsive reaction of a higher degree taking place, with price currently trading in the final stages of red wave 3). As such we believe that the 161.8 Fibonacci ratio could become a temporary restiance and could move price into the direction of the red wave 4). Red wave 4) could then find its support around the upper corrective channel line and possibly make a reversal higher.
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