Elliott Wave Analysis: GBPJPY and Crude OIL
GBPJPY made a perfect turn up from our highlighted “do or die” zone, where structure shows signs of a completed three wave correction. As such, more gains can follow now in impulsive fashion which would be expected to accelerate once 142.00 swing is broken.
Crude oil has turned up from 51.20, which looks like a five wave advance so low has been put in place. With that in mind, traders should be aware of more upside after a temporary three wave set-back that can catch a base near 52.22; at former wave four.
Crude OIL, 1H
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