Elliott Wave Analysis On Silver And GBPUSD

By: Gregor Horvat | Mon, Apr 4, 2016
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Silver

Silver is in the corrective flat pattern, trading close to its completion. We can see on the chart a 3-3-5 structure with expanding flat properties. We expect a reversal soon close to 14.60 levels, where previous wave A) lows can act as a support and a turning point. From here we should ideally see a bounce into a new bullish cycle in blue wave 5 of a higher degree. The projection target for wave 5-circled should be close or above wave B), that is visible on the chart.

SILVER, 4H

Silver 4-Hour Chart


EURGBP

On the 4h chart of EURGBP, we are observing an idea of a flat corrective pattern, that can be midway thourgh its completion, as price is now trading in final stages of blue wave B. That said we would like to see a break beneath lower corrective channel line, for confirmation that lower levels will follow in wave C-circled of IV. Ideally a break through 0.78271 will folow in the next few days.

EURGBP, 4H

EURGBP 4-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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