Elliott Wave Analysis On EURJPY And GOLD 

Gold july 29 analysis

Gregor - Author BIO photoEURJPY
On the 4H chart we are observing anice impulsive cycle taking place, with price currently trading in a three wave correction, labeled as A-B-C. As we see on the chart price amde a nice drop lower, after the completion of the triangle pattern in wave B. As such we now believe a reversal could be incoming in black wave C, ideally around the 61.8 Fibonacci ratio.


EURJPY daily analysis

Click to Enlarge

On the 1h chart of Gold we are observing an idea of a flat correction that took place in red wave B) and could now be already over, as of recent price action. As we see three sub-waves are visible in wave B), meaning that this correction is completed, and more weakness could be in store for wave C, ideally towards the 1310 mark.


Gold july 29 analysis

Click to Enlarge



By Gregor Horvat

Find more: Contributing Authors

Leave a Comment

Broker Cyprus TopFX