Elliott Wave Analysis On EURJPY And Crude OIL

By: Gregor Horvat | Tue, May 31, 2016
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EURJPY

US markets will be open for trading in a few minutes after yesterday holidays. EURJPY is advancing quite sharply to our designated target for wave C) of a larger triangle correction . We are tracking a five wave move to the upside in this red wave C, and for now we have already seen waves 1 and 2 unfold. We think that price can now ideally reach levels around 125 area, where the upper triangle channel line can act as a resistance and a turning point lower.

EURJPY, 4H

EUR/JPY 4-Hour Chart


Crude OIL

Crude OIL has been trading quite nicely in the last month or so, as five waves from the end of wave 4) are nicely visible on the 4h chart . We believe that after recognizing a triangle correction in wave 4, this last leg that unfolded in impulsive fashion to around 50 mark per barrel may be wave 5, the last wave of an impulsve sequnce, thus meaning that a minor three wave retracement may be just around the corner.

Crude OIL, 4H

Crude Oil 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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