Elliott Wave Analysis: Crude OIL and GBPUSD
Crude oil found some nice support at 51.80 last week from where a strong recovery appears to be impulsive. Ideally that was wave 1, which found a top around the 54.50 region, meaning that recent slow and sideways movement was black wave 2 that is now finished. As such current intra-day strength may be an indication for higher levels to follow within the following wave 3.
Crude OIL, 4H
GBPUSD has made five waves up from January low which we see it as an impulsive wave up in wave 1, followed by a recent corrective move that we recognized it as a double zig-zag pattern in wave 2, that has found a bottom at the 1.2418 level. That said today’s price action is quite sharp and strong and is a confirmation for a completed complex correction and an indication for higher levels to follow. If we are on the right track, the high of wave B may be reached in a couple of days.
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