Elliott Wave Analysis: GOLD and GBPJPY

By: Gregor Horvat | Thu, Apr 27, 2017
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GOLD

We see gold trading in a complex correction of a higher degree, now specifically at the start of wave C) that is part of a second zig-zag. Recent minor correction in wave B) looks completed and current drop may be wave C), that can unfold a five-wave movement within the channel line and see limited downside around the previous swing ar 1246 region. Once this five wave drop of wave C) unfolds, a new recovery may follow on the commodity and ideally breach above the upper channel line.

GOLD, 1H

Gold 1-Hour Chart


GBPJPY

GBPJPY may be trading in late stages of sub-wave v) of five, which means a corrective reversal may follow in the near-term. That said the pair may see limited upside later today, or maybe tomorrow and unfold a minor three wave decline towards the region of former wave iv. A broken lower channel line would be a confirmation that bulls are over and bears may come in play.

GBPJPY, 1H

GBP/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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