Elliott wave Analysis: Crude oil and EURJPY
Elliott wave Analysis: Crude oil and EURJPY
Crude oil can be trading at the end of a sharp, impulsive wave three near the 66.15 region. We may already see first step of a temporary pullback of wave iv take place, with probably completed minor leg a) and b). Support for the whole corrective retracement can later be seen around the 65.54-65.19 region, where Fibonacci ratios of 23.6 and 38.2 lay, and bear in mind that the trend line could offer a bounce.
Crude oil, 1H
EURJPY made a new bullish reaction yesterday, when we recognized a completed wave B correction at the 134.90 level. Current rally is now a suggestion that a new bullish five wave cycle can be in progress, currently with blue wave i leading the way. Once wave i fully unfolds, a new temporary correction as wave ii may show up, and take price temporarily lower.
EURJPY, 1h
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