Elliott Wave Analysis On EURJPY And GOLD
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.
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.
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