Elliott Wave Analysis On EURGBP And SILVER

By: Gregor Horvat | Mon, Aug 1, 2016
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EURGBP

The US market is open for trading. On the 4h chart of EURGBP, we are observing a nice bearish cycle taking place, with price trading in its contra-trend part, the consolidation. As such, after this A-B-C correction is completed, price may reach lower levels in seasons to come. Currently we see price in its final leg C, near the possible reversal zone at 61.8 Fibonacci ratio.

EURGBP, 4H

EUR/GBP 4-Hour Chart


SILVER

Silver is still trading to the upside with red wave 3) now in progress. As a note for a fully completed impulse we need to see a five wave development unfold, meaning one more wave is needed for wave 3 to complete its run.

After wave 3 is finished, a corrective reaction may be around the corner in wave 4, with possible support seen around 20.30-20.50 area, from where new gains could follow.

SILVER, 4H

Silver 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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