Elliott Wave Analysis On Silver And USDJPY

By: Gregor Horvat | Mon, Sep 19, 2016
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Silver

Metals are higher today, with gold at 1316 and silver at 19.24 after it hit 18.65 on Friday. We see quite nice strong turn up on silver, clearly in five waves so we can expect more upside after any short-term correction. Ideally we are going higher now into wave D which should be made by three legs so we would not be surprised if market would rally up to around 19.50 zone.

Silver, 1H

Sulver 1-Hour Chart


USDJPY

USDJPY is ticking lower, now breaking through the trendline support connected from September low which indicates that wave C is in play. We see pair falling towards the 100.50-100.70 area where wave D) can find looking for some support, as part of a higher degree triangle.

USDJPY, 1H

USD/JPY 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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