Intraday Elliott Wave Analysis On Crude OIL And GBPUSD
Crude OIL
Crude OIL made a strong push to the upside last week, around 39.81, where we labeled this three wave rally as a correction in wave 2. That said we now expect a reversal into lower levels, that can happen in the next few sessions, while invalidation level at 42.46 holds.
Crude OIL, 1H
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GBPUSD
On the GBPUSD intraday chart, we are tracking an idea of a triangle pattern of a higher degree, that seems to be midway through it’s completion, as price is now trading in blue wave C-circled. That said recent bullish strength from around 1.4047 area, where we labeled end of red wave B) could be the beginning of a new five wave move in red wave C), that could ideally turn to the downside near 1.432 region, where previous wave X, can react as a resistance and a turning point into blue wave D-circled.
GBPUSD, 1H
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