Elliott Wave Analysis On EURUSD And Crude OIL
EURUSD
USD has turned nicely up in the last few sessions which could be very interesting for more gains in this week if we consider that USD index might accomplished a three wave decline on 4H chart. However, for now it’s still a litle too early for usd bullish call as on EURUSD intraday chart we don’t have five waves down yet, which are needed for a confirmed turning point. That said, we need to wait on more price data for now.
EURUSD, 1H
Click to Enlarge
Crude OIL
Crude oil has made a very extended and strong run the in last few weeks, with a clear impulsive price action. But we think that this move can see a pullback soon, as we see big wave three near completion. However, another leg up to 49.00 is possible before a turn down into a bigger A)-B)-C) decline. Also today Sep futures contract will expire for crude oil which may cause a turn down as well based on profit taking, roll-overs and position adjustments.
Crude OIL, 1H
Click to Enlarge
http://www.ew-forecast.com/service
Find more: Contributing Authors
