Elliott Wave Analysis On GBPUSD And Crude OIL
On GBPUSD we can see a strong decline from 1.3373 high which is a clear impulsive structure, but traders should not fall in love with this weakness too much, as we see decline in final stages of wave C) of a big corrective set-back. That said, weakness can be limited this week, but short-term traders may still see a leg down to 1.2950 area before intraday trend turns to the bullish side.
Crude oil is trading sharply higher for the last few days, so energy might have finally bottomed if we consider an impulsive structure in progress on intraday chart. On 30min we are looking at wave three of three that can be headed up to 43.00 area from where market may see a minor corrective set-back before uptrend resumes to much higher levels. We see this market now in bullish mode as long as 41.80 level is now breached.
Crude OIL, 30Min
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