Elliott Wave Intra-day Rewiew: EURUSD and GOLD

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Written by www.ew-forecast.com

Most of the markets are reversing from their yesterday extremes that occurred after a Sunday gap. As we know open gaps usually get filled, which seems to be unfolding on majors right now.

On EURUSD we noted yesterday that reversal point could be near because of five wave movement from 1.3250. Well, we can see nice move down through wave four support which means that five wave rally is done and that market should make minimum three waves of a pull-back, ideally back to 1.3290. Any scalps on the short side of the market should have stops above 1.3384 invalidation level.

EURUSD 1h

EURUSD 1h Elliott Wave Analysis
EURUSD 1h Elliott Wave Analysis

GOLD reached new low yesterday around 1302, but notice that decline from 1335 was made in three waves, which is a corrective structure. As such, we think that’s wave b) that is part of a complex incomplete wave (iv) pattern. Based on latest price data we know that wave (iv) can be flat or a triangle. Flat has a resistance around 1338, while for a triangle count market must remain sideways as we need few more legs for complete. But interesting is that both structures are corrective which means that sooner or later new lows should be seen.

GOLD count #1

Gold 1h Elliott Wave Analysis 1
Gold 1h Elliott Wave Analysis 1

GOLD count #2

Gold 1h Elliott Wave Analysis 2
Gold 1h Elliott Wave Analysis 2

Written by www.ew-forecast.com

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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.