Elliott Wave Analysis: Crude OIL and USDJPY

By: Gregor Horvat | Tue, Feb 21, 2017
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Crude OIL

This is a nice push higher on crude oil despite stronger USD today. We see crude oil making a sharp move up now towards 55.00 which appears to be a wave three of three at the moment, so expect more gains towards 55.30/55.50 in the near term. Any intraday bearish reactions will be temporary and part of an uptrend while price is above 54.18, but 53.27 can be more important for uptrend to stay valid.

Crude OIL, 1h

Crude Oil 1-Hour Chart


USDJPY

USDJPY is turning bullish from 112.60 with five waves, which means more upside will be expected after any pullback in three waves on 30min chart. We suspect that this first leg up can be part of a much stronger and larger uptrend especially if we consider the correlation with NIKKEI. If Nikkei is headed higher then normally USDJPY will follow it. Well, if you will look at 4h chart of Nikkei you can see a clear A-B-C-D-E triangle formation which is a bullish structure that suggests a break to a new high, therefore a lot more upside can be seen on USDJPY also.

USDJPY, 30Min

USD/JPY 30-Minute Chart

Nikkei, 4H

NIKKEI 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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