Elliott Wave Analysis On GBPUSD And EURUSD

By: Gregor Horvat | Wed, Nov 9, 2016
Print Email

GBPUSD

GBPUSD moved higher during Asian session but not to a new high, so it appears that corrective wave four is still unfolding. We are tracking idea of a triangle now which can send price still up to 1.2600, but after a completion of five subwaves.

Invalidation level remains at 1.2268.

GBPUSD, 1H

GBP/USD 1-Hour Chart


EURUSD

EURUSD keeps falling, now beneath the corrective channel line from 1.0849 which is just another confirmation for a bearish continuation. We will be waiting and tracking pullbacks in three waves that could give us an opportunity to join this bearish ride. For now it's too soon to get in, at least for me as invalidation level is too far away.

EURUSD, 1H

EUR/USD 1-Hour Chart

Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.

Basic Triangle Pattern:

Idealized Elliott Wave Basic Triangle Pattern

 


Interested in our services? We have a Special Offer: Get 14 Days Access For 1€!! Grab the opportunity now at www.ew-forecast.com You can even subscribe to our Twitter account -> @ewforecast

 


 

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/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com