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Elliott Wave Analysis On Silver And GBPUSD

SILVER

Silver is in the bullish structure from latest lows. Price almost completed five waves to the upside with nice subdivisions. Blue wave iii might complete around 18.60-70 region but we still need to see waves four and five to develop for the whole impulsive structure. Projected area for this impulse is around 261.8 level, where a new turn lower can occur.

Silver, 30Min

Silver 30-Minute Chart


GBPUSD

GBPUSD has made a triangle consolidation, which make us wonder if this move up is only a pullback. As we know triangle appears only in the fourth wave of an impulse or in wave b of a correction. So because of recent price data we believe price can continue higher towards 1.360 area, where a possible turning point can occur.

GBPUSD, 15Min

GBP/USD 15-Minute Chart

 


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