Elliott Wave Analysis On USDCHF And Crude OIL
Elliott Wave Analysis On USDCHF And Crude OIL
USDCHF
USDCHF fell beneath 0.9649 low last week from where market turned sharply up so we see first signs of a completed corrective decline from 0.9884, labeled as wave E). Wave E) is the final leg within a triangle formation so ideally pair is at the start of a bullish impulse that is headed back to September highs and as we see at the moment above important 0.9818 bullish level. As such we believe that recent downward turn from 0.9830 was a temporary correction in wave 2, that seems to have found its support around the 0.9731 area, from where market made a nice turnaround higher into wave 3.
USDCHF, 4H
Crude OIL
Crude oil turned nicely up last week from 44.00 area about we talked in our past updates when we highlighted a corrective set-back from 46.50 area which was wave two followed by a strong rise now up into wave 3. As such we think more upside could still follow into wave 3, ideally towards the 200 Fibonacci projection ratio from where bulls may slow down, and a probable correction into wave 4 may follow.
Crude OIL, 4H
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