Elliott Wave Analysis On EURJPY And SILVER

Gregor Horvat

EURJPY Markets are very slow today after we have seen action on friday following NFP report. Here we have EURJPY now that made a deep pullback in the last four weeks, but for now still with three waves from around 118.40 which appears to be a corrective move. Notice that price has made five subwaves down in wave C which is now turning up from the lower support channel line. Current bounce looks very promising for bullish price action ahead that may lift price even back to levels from July highs if upper trendline is broken.

EURJPY 4 Hour Chart

EURJPY 4 Hour Chart

SILVER Silver is moving sideways since start of July which looks like a pause within ongoing uptrend. Technically speaking we are observing an idea of a triangle pattern placed in wave four, where even more sideways price move is probable as waves D and E are still missing. After a completion of that pattern, we will start to look higher again; maybe already after this week.

Silver 4 Hour Chart

Silver 4 Hour Chart

Source: www.ew-forecast.com

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