Elliott Wave Analysis: Bulls Pushing Price Higher


Based on recent price movement we could say that blue wave 2 of a higher degree could be finished and that a new bullish cycle has started to unfold into blue wave 3. Currently we see price trading in the middle of red wave 1), specifically in a possible correction in blue wave iv after recently completing blue wave iii with five minor sub-waves.  As such traders now want to be aware of a minor corrective reversal lower taking place in sessions to come.
Temporary invalidation level is at 1324.

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.