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Wednesday, October 24, 2018

Elliott wave analysis for Crude Oil - The corrective rally from 26.06 is now complete


Crude Oil - The corrective rally from 26.06 is now complete 

In my June 2016 post I call for Crude Oil to continue to rally towards the long-term resistance line  (you can see that post by clicking here).

We have now seen a test of this resistance line. Not a prefect test, but close enough to fulfill that target. So at a minimum, we should see a decline to 57.48 and more likely closer to the 61.8% corrective target at 45.47 of the rally from 26.06 to 76.90.

Could we see a return and maybe even a break below the February 2016 low at 26.06? Yes! we could. That said, we should be painfully aware, that the corrective rally from 26.06 could become much more complex and the ongoing decline only is a X-wave that binds two corrections together.

What we can rest assure of from here is, a general downside pressure for weeks ahead and a decline to at least 57.48 and likely even closer to 45.47 before the possibility of a new rally to test the long-term resistance line again.

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Friday, January 5, 2018

Elliott Wave Analysis of GBP/JPY - Look for upside acceleration in wave 3/ of 3 the wonder to behold...


GBP/JPY - Monthly



GBP/JPY - Weekly

GBP/JPY - Daily


GBP/JPY - 4 Hourly 

Cups with handle

GBP/JPY - Look for upside acceleration in wave 3/ of 3 the wonder to behold...

A break above minor resistance at 153.41 will release a lot of build up energy and should cause GBP/JPY to accelerate higher towards 159.00 as the first minor target, but longer term, a continuation higher to 164.85 and 172.00 should be expected. 
The classic technical analysis also shows a nice pair of "Cups with handle" formation ready to take GBP/JPY much higher (see chart 5). 
If my long-term count is correct, then we are entering wave 3/ of 3, which normally is the strongest of the waves and the prices action here, often becomes almost vertical. 
So be ready to pull the trigger for a nice big rally - "The wonder to behold" as Pretcher says it...  

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