Gold And Crude Oil Look For Correction

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gold elliott wave intraday

GOLD 1h Elliott Wave Analysis

GOLD tested the lows an hour or two back but not for long. Price is once again trying to reverse from 1305/1312 Fibonacci support area where we think price will find a low and bounce up in three legs. An upward reaction through the upper trendline of a downward channel will confirm this outlook. We will turn bearish again after a three wave rally; a-b-c as shown on the chart.

Crude oil is moving down, most likely into a corrective price action as already noted yesterday when we presented the idea of a leading diagonal. A three wave set-back can retrace price back to 98.20-98.80 (50 or 61.8% retracement) area before we may look for a bounce again.
Crude Oil 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.