Elliott Wave Analysis On GBPUSD And SILVER
GBPUSD
Since we can count five waves up on the GBPUSD, then current move to the upside could be blue wave b, if infact a flat correction emerges. This means that we then expect a five wave move down to unfold in blue wave c, after wave b is completed. We have labeled a potential support for this corrective move down at 1.2977 as black wave 2.
If price continues to go up, then we can say that wave 2 had already copleted its correction at the 1.2977 level.
GBPUSD, 1H
Click to Enlarge
SILVER
On the 4h chart of Silver, we are observing a sideways price action, that is slow and quite overlapping, which gives us an impresion that this could be a triangle correction. If this is true, then more upside may follow, after waves D) and E) unfold.
SILVER, 4H
Click to Enlarge
http://www.ew-forecast.com/service
Find more: Contributing Authors
