Elliott Wave Analysis: EURUSD and SILVER

By: Gregor Horvat | Thu, Jan 19, 2017
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EURUSD spiked down to 1.0600 but that's still not enough to put a top in place, simply because reversal from recent high is not that strong. In other words, current leg down can easily be wave four as well as a more complex ending diagonal! So, at this stage it will be important to see a daily close price; below 1.0580 would mean that pair is headed lower, while rise back above 1.0700 would indicate another push up to 1.0740/60 before market may finally come down. But generally, however, I believe that eventually EURUSD will resume its longer downtrend; sometimes it’s just tricky to call end of a complex corrective rally.

EURUSD, 1H

EUR/USD 1-Hour Chart

Silver reached our projected zone this week near 17.25 at triangle measurement from where strong turn lower has occurred in the last 24 hours. It looks like a strong downward reaction, so wave 5) completed wave 1 of a higher degree, about I warned you a few days back. If we are on the right track, then bearish three wave retracements are now in play, ideally back to 16.50-16.60 area.

SILVER, 1H

Silver 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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