Elliott Wave Analysis: GBPUSD And Crude OIL

By: Gregor Horvat | Thu, Dec 1, 2016
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GBPUSD

Cable moved sharply higher today, straight up to 1.2700 which looks like a wave 3 of an impulsive structure. Pair is trading close to 261.8%, so we need to be aware of a short-term corrective set-back down into wave 4 in the near-term. Invalidation level is now at 1.2526; as long it holds trend is up.

GBPUSD, 1h

GBP/USD 1-Hour Chart


Crude OIL

Crude oil is trading sharply higher, now breaking above one important channel line which may suggest that energy is in the middle of a big wave three. However, on hourly chart below we see small five waves up from 45.00 area so it may be a time for a short-term pullback; ideally back in wave 2 that will either look for a support at that broken trendline or at 49.14 level. Technically speaking, oil is in bullish mode at this stage, but trend would be changed again if price would go back below $48 per barrel.

Crude OIL, 1h

Crude Oil 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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