Elliott Wave Analysis: GOLD & OIL

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Gold broke to the downside last week, out of triangle pattern that was placed in wave (b) so current leg down should be wave (c) as part of D of a big triangle from a daily chart. We know that wave (c) is impulsive wave so we need to be aware of a bullish reversal after a five wave drop from wave e) swing high. In the last few sessions market slowed down around 1240-1245 so it’s probably wave iv)so decline could extend down to 1230 by the end of the week.

GOLD 4h Elliott Wave Analysis

gold elliott wave

Crude oil has turned bearish last week, away from 104.00-104.50 resistance where we were looking for a wave (d) high. Notice that market turned nicely down, through the support channel line that confirms the bearish view for a three wave drop into wave (e) back to 100-101 area. Once those levels will be seen, we will turn bullish as big triangle since March could then be near completion.

OIL 4h Elliott Wave Analysis

oil elliott wave

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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.