GOLD And OIL Intraday Elliott Wave Analysis

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OIL Elliott Wave 111513
OIL Elliott Wave 111513

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Crude oil reversed sharply from around 92.50 yesterday where could be the low of an ending diagonal if we consider a strong reversal from the lower side of a wedge pattern. Based on current development we suspect that market will reversing former swing high around 95.40.
OIL 1h OIL Elliott Wave 111513

OIL Elliott Wave 111513

Yesterday, we were also tracking gold as we were looking for some bullish waves after Janet Yellen testimony. On the hourly chart we know have five waves up, which we think it represents only first leg of a minimum three wave rally up in ii). Keep in mind that second waves are corrective, so they must be made by three subwaves before contra-trend move can be finished. With that in mind we believe that gold will reach 1305-1326 region early next week, before market turns down again.
GOLD 1h

GOLD Elliott Wave 111513
GOLD Elliott Wave 111513

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.
  • Chris

    Good analysis…will look for other posts by you and see if I can find more recent data. I’m looking for a few EW analysts to follow!