• 12 hours Bezos’ Next Big Project Could Be Worth $100 Billion Per Year
  • 14 hours 3,600 Years Later, Climate Change Turns Mammoths Into $40M Market
  • 18 hours Tesla, Apple Claim China Is Stealing Intellectual Property
  • 20 hours EV Giants Duke It Out For Battery Dominance
  • 2 days Tech Billionaire Takes Aim At Google
  • 2 days Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 2 days Expect A Pullback Before Gold's Next Major Rally
  • 2 days Why Interest On Gold Matters
  • 2 days Ten Extravagant Food Items For The Wealthy Only
  • 3 days Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 3 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 4 days Is A Gold Selloff Looming?
  • 5 days Central Banks Are Stashing Gold And Dumping Treasuries
  • 5 days Three Cannabis Trends Flying Under Investors’ Radars
  • 5 days $1.3 Billion In Cocaine Found On JPMorgan Vessel
  • 6 days Amazon Teams Up With Lady Gaga To Win Over Generation Z
  • 6 days Dollar Falls As Powell Teases Rate Cuts
  • 6 days Will The World's First Trillion Dollar Company Ever Bounce Back?
  • 6 days Many Americans Will Never Stop Working
  • 7 days Mozilla vs DarkMatter: The Cyber Espionage End Game
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis On Crude OIL And GBPUSD

Crude OIL

On the intraday chart of Crude OIL, we are observing a nice minimum three wave rise to the upside unfolding from recent 42.18 low, with first wave A potentially already completed. As we see on the chart wave A is constructed by five sub-waves, meaning a possible three wave correction may be around the corner in the second wave B. If that will happen, then we may expect a nice region of support to take place around the 43.80-44.75, where some Fibonacci ratios can take price higher into wave C.

Crude OIL, 1H

Crude Oil 1-Hour Chart


GBPUSD

Cable is currently trading quite lower, probably undergoing a minimum three wave correction from recent 1.2673 highs, where we labeled end of wave 5). If that is the case, then we can see first wave A) already completed as an leading diagonal, followed by a intraday bounce, that could be part of the second corrective wave B). The ideal resistance area and reversal zone for this corrective wave B) could be around the 61.8 Fibonacci ratio, from where bears may again take over.

GBPUSD, 1H

GBP/USD 1-Hour Chart

When diagonal triangles occur in the fifth or C wave position, they take the 3-3-3-3-3 shape that Elliott described. However, it has recently come to light that a variation on this pattern occasionally appears in the first wave position of impulses and in the A wave position of zigzags. The characteristic overlapping of waves one and four and the convergence of boundary lines into a wedge shape remain as in the ending diagonal triangle. However, the subdivisions are different, tracing out a 5-3-5-3-5 pattern.

A Basic Leading Diagonal:

Idealized Elliott Wave Basic Leading Diagonal

 


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

 

Back to homepage

Leave a comment

Leave a comment