USDJPY and Crude OIL Intraday - Elliott Wave Analysis

By: Gregor Horvat | Tue, Jul 28, 2015
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USDJPY can be in fourth wave here of a new bullish turn up from 123.00 low. If that is the case then new high will follow today, up to around 124.00 area. If that will prove correct, and if channel resistance line will be taken out then our view will be for longs in red wave ii). Keep a very close eye on that one.

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

We adjusted the wave count on crude as price keeps trading sharply lower so who knows where it will bottom. That said, it's better to stay with a trend and be aware of even more weakness after any pullback. We see fourth wave coming, which can retrace back to 48-48.70 area before downtrend will resume.

Crude Oil (Sep 2015) 1h Elliott Wave Analysis

Crude Oil (Sep 2015) 1-Hour Elliott Wave Analysis 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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