GOLD And OIL Intraday Elliott Wave Analysis

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GOLD Elliott Wave 112613
GOLD Elliott Wave 112613

Crude oil is moving higher trying to fill the Sunday gap so our wave (c) up to complete wave 4 around 96.00 area remains in play. if price will stay sideways then wave 4 could also be a triangle. But in either case we think that correction is incomplete.

Crude Oil 1h Elliott Wave

OIL Elliott Wave 112613

OIL Elliott Wave 112613

Gold is trading nicely higher since yesterday when we highlighted five waves down that suggested a reversal to the upside. Well, current rally is now looking impulsive, so we think that it represents wave a), still only first leg of a three wave rally. For intraday traders wave b) pullback could be interesting for a contratrend long set-up.

GOLD 1h Elliott Wave

GOLD Elliott Wave 112613

GOLD Elliott Wave 112613

 

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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.