Commodities Elliott Wave Analysis: GOLD & Crude OIL 4/1/2014

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gold elliott wave intraday

GOLD 1h Elliott Wave Analysis

We were anticipating a new low on gold yesterday because of a triangle in wave iv) and we got it. Notice that market made five waves down, so now we need to be aware of a corrective reversal in three legs. Tops and bottom are always a long process, so it may take time before market goes back above 1296 level to confirm ongoing three wave rally.

Oil is very slow Since Thursday already, which is fine as slow and overlapping price action in tight ranges usually represent a corrective price action, or a pause within larger trend. We still see current pullback from 102.20 as wave four, so sooner or later price is expected to break to a new high.
Crude Oil (May 2014) 1h Elliott Wave Analysis

oil elliott wave intraday

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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.