Crude OIL and EURJPY Intra-day Develoments

Intermediate

Hello traders,

No bullish evidences on Crude oil yet. That said, seems like Crude oil still can see new lows below 50 area, but carefully because it’s the final wave 5 of 5), so bounce may occur anytime. Watch out for spikes as well. However, as long as Crude oil keeps trading within bearish Elliott wave channel, we have to remain bearish, so only an impulsive rally above channel resistance line would be an indication of a bottom.

Crude oil, 1h

Oil chart 2018-11-28

EURJPY is moving slowly within the final wave E of a big bullish triangle pattern. We are not sure how big wave E is going to be, but it’s valid as long as it’s trading above 127.80 area! An impulsive rally back above 129.0 region would confirm our view towards 129.50 – 130.0 area for wave C, where bulls may slow down!

EUR/JPY, 1h

EURJPY Chart 2018-11-28

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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