Elliott Wave Analysis On GBPUSD And GOLD

By: Gregor Horvat | Thu, Mar 24, 2016
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GBPUSD

GBPUSD found some support at 1.4050 today where pair might finally completed a five wave decline in wave 1. If that's the case then we know that corrective rally is now underway in wave 2 which will usually make a retracement for at least 38.2% compared to 1. This Fibo level comes in near 1.4227, at wave four of a lesser degree, so it can be very interesting reversal zone.

GBPUSD, 1H

GBPUSD 1-Hour Chart


GOLD

GOLD is moving down as USD turned up. On precious metal we see wave C) in play towards 1200 psychological level or maybe even to 1190 swing low support from Feb 15th. We know that wave C) is motive wave so we need five waves down from 1270 before we may turn bullish again. That's not the case yet so we assume that current slow price move above 1210 is going to be corrective wave 4 within downtrend. Ideally metal will form a bullish reversal next week.

GOLD, 1H

Gold 1-Hour 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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