Elliott Wave Analysis On GBPUSD And Crude OIL

By: Gregor Horvat | Mon, Aug 8, 2016
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GBPUSD

On GBPUSD we can see a strong decline from 1.3373 high which is a clear impulsive structure, but traders should not fall in love with this weakness too much, as we see decline in final stages of wave C) of a big corrective set-back. That said, weakness can be limited this week, but short-term traders may still see a leg down to 1.2950 area before intraday trend turns to the bullish side.

GBPUSD, 1H

GBP/USD 1-Hour Chart


Crude OIL

Crude oil is trading sharply higher for the last few days, so energy might have finally bottomed if we consider an impulsive structure in progress on intraday chart. On 30min we are looking at wave three of three that can be headed up to 43.00 area from where market may see a minor corrective set-back before uptrend resumes to much higher levels. We see this market now in bullish mode as long as 41.80 level is now breached.

Crude OIL, 30Min

Crude Oil 30-Minute 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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