• 21 hours The Year Of The Retail Investor Keeps Getting Bigger
  • 2 days Airlines Could Recover, But Crew Remain Elusive
  • 2 days Meet The Man Behind The World's Most Exciting Oil Play
  • 3 days Crypto-Mining Immigration Could Be The Start Of A New Trend
  • 5 days Hawkish Fed Sends Gold Prices Crashing
  • 6 days Bezos Is Heading To Space This Sunday
  • 9 days El Salvador’s Surprise Bitcoin Move
  • 12 days Markets Unfazed As Inflation Hits 13-Year High
  • 13 days How the Token Economy is Disrupting Financial Markets
  • 15 days FBI Investigating 100 Types Of Ransomware Attacks
  • 17 days Fed Ends Corporate Credit Emergency Lending Program
  • 19 days AMC Becomes the Latest Winning Meme Stock After GameStop
  • 20 days The Real Reason Your 401k Has Been Lagging
  • 21 days China Lifts Cap On Births, Allows Three Children Per Couple
  • 23 days The Market Is Ripe For Another GameStop Saga
  • 26 days Senate Grills Big Banks Over Pandemic Opportunism
  • 27 days Cannabis Has A Major Cash Problem
  • 28 days Ransomware Netted Criminals $350M In 2020 Alone
  • 29 days Russia Is Taking On Google
  • 30 days Chinese Regulators Deal Another Big Blow To Bitcoin
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Gregor Horvat

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…

Contact Author

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: Crude OIL and USDJPY

Crude OIL

This is a nice push higher on crude oil despite stronger USD today. We see crude oil making a sharp move up now towards 55.00 which appears to be a wave three of three at the moment, so expect more gains towards 55.30/55.50 in the near term. Any intraday bearish reactions will be temporary and part of an uptrend while price is above 54.18, but 53.27 can be more important for uptrend to stay valid.

Crude OIL, 1h

Crude Oil 1-Hour Chart


USDJPY

USDJPY is turning bullish from 112.60 with five waves, which means more upside will be expected after any pullback in three waves on 30min chart. We suspect that this first leg up can be part of a much stronger and larger uptrend especially if we consider the correlation with NIKKEI. If Nikkei is headed higher then normally USDJPY will follow it. Well, if you will look at 4h chart of Nikkei you can see a clear A-B-C-D-E triangle formation which is a bullish structure that suggests a break to a new high, therefore a lot more upside can be seen on USDJPY also.

USDJPY, 30Min

USD/JPY 30-Minute Chart

Nikkei, 4H

NIKKEI 4-Hour Chart
Larger Image

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer
You can also follow us on twitter @ewforecast
www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment