Elliott Wave Analysis On GBPUSD And Crude OIL

By: Gregor Horvat | Mon, Aug 8, 2016
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GBPUSD

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.

GBPUSD, 1H

GBP/USD 1-Hour Chart


Crude OIL

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

Crude Oil 30-Minute 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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