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Elliott Wave Analysis On Crude OIL And EURUSD

Crude OIL

US markets are about to open. No major news on the schedule today.

On the intraday chart of Crude OIL, we see that price broke out of the triangle correction that unfolded in red wave 4) at 48.32 level. Now we believe that wave 4) has ended and that a new bullish cycle has started in the last wave 5) position, ideally reaching for our number #1 target at 50.73 and afterwards the second target at 51.59.

However if price goes again beneath the 49.11 mark, then the correction in red wave 4) would still be in play.

Crude OIL, 1H

Crude Oil 1-Hour Chart


EURUSD

On the EURUSD, we are observing an idea of a double zig-zag pattern, that could be pointing to higher levels within the last leg C, as we indentified a triangle correction in wave B, a continuation pattern, that could after its completion indicate higher levels. Resistance fot this double zig-zag is seen at 1,1420-40 area from where we might see a turning point to the downside.

EURUSD, 1H

EUR/USD 1-Hour Chart

 


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