Elliott Wave Analysis On Crude OIL And EURUSD

By: Gregor Horvat | Tue, Jun 7, 2016
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Crude OIL

US markets are about to open. No major news on the schedule today.

On the intraday chart of Crude OIL, we see that price broke out of the triangle correction that unfolded in red wave 4) at 48.32 level. Now we believe that wave 4) has ended and that a new bullish cycle has started in the last wave 5) position, ideally reaching for our number #1 target at 50.73 and afterwards the second target at 51.59.

However if price goes again beneath the 49.11 mark, then the correction in red wave 4) would still be in play.

Crude OIL, 1H

Crude Oil 1-Hour Chart


EURUSD

On the EURUSD, we are observing an idea of a double zig-zag pattern, that could be pointing to higher levels within the last leg C, as we indentified a triangle correction in wave B, a continuation pattern, that could after its completion indicate higher levels. Resistance fot this double zig-zag is seen at 1,1420-40 area from where we might see a turning point to the downside.

EURUSD, 1H

EUR/USD 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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