Elliott Wave Analysis On EURGBP And SILVER

By: Gregor Horvat | Tue, Aug 2, 2016
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EURGBP

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.

EURGBP, 4H

R/GBP 4-Hour Chart


SILVER

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.

SILVER, 1H

Silver 1-Hour 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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