Elliott wave Analysis: Crude oil and GBPUSD Intra-day View
Crude OIL can be unravelling a sharp correction, with energy now trading within sub-wave C of B)/2), with possible resistance area around the Fibonacci ratio of 50.0 or 61.8 (65.0/65.4 area). At the mentioned region we also see the upper Elliott wave channel line, which can react as a turning point for the energy. That said, a completed five-wave cycle within sub-wave C, and a drop below the lower channel line would suggest a completed bigger correction, and more weakness, into wave C)/3).
Crude oil, 1h
Cable is nicely recovering, ideally unfolding a bigger, five-wave cycle with pair now trading in the middle of an impulse. We specifically see sub-wave iii) of three in play, which can look for resistance and a temporary top at the Fibonacci ratio of 200 and 261.8, where bulls may slow down. Also, once sub-wave iii) fully shows up, that is when a corrective wave iv) may follow, with possible support region around the upper base channel line (1.301 region).
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