Elliott Wave Intraday Analysis: Crude OIL and GBPUSD
Elliott Wave Intraday Analysis: Crude OIL and GBPUSD
Crude OIL
Crude oil is turning up perfectly from our 49-50 area which we highlighted it as an important support zone for a completion of an expanded flat correction. We see now a nice upward reaction also above wave iv) at 51.17 which means that higher prices are in the cards for 52.50 break.
Crude oil, 1h
GBPUSD
Cable has followed our pattern perfectly in the last 48 hours, when we called a bearish structure with 3 legs minimum after that first five wave drop from the high at 1.2773. We have seen a nice continuation south after a three wave rally up to 1.2703 which we labeled it as wave B/2, so decline to 1.2550 can either be wave C or 3. For now, it’s too soon to confirm if decline was corrective or impulsive, so we need to wait on more price data, which means the following should be important; rally back above 1.2700 would send pair back to bullish mode for 1.2773, while a decisive decline and daily close below lower support line would indicate an aggressive sell-off for wave 3, thus a bearish impulse.
GBPUSD, 1h
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