Elliott wave Analysis: GBPUSD and Crude oil Intra-day View

Intermediate

GBPUSD made a five-wave rally from the 1.240 level, and ended it with an EW ending diagonal at the 1.28 level. Current intra-day drop that we see from the highs, can be part of an unfolding a-b-c correction, which can look for support and a bounce near the 1.261/1.255 region.

GBPUSD, 1h

intra-day gbpusd

Crude oil can now be ending blue wave c, as part of a bigger three-wave recovery up from the 42.53 level. Resistance and a reversal lower can follow from the 50.0 psychological level, where the upper channel line may react as a turning point. A minimum three-wave drop may follow, however, a bounce from current levels would suggest an incomplete wave c rise.

Crude oil, 1h

intra-day oil

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