Elliott Wave Analysis: GOLD and USDCHF


Gold has been very slow lately so we assume that sooner or later market will wake up. From a technical perspective strong reaction could be to the downside as we see recent upward price action in shape of a wedge pattern. It’s called an ending diagonal in Elliott Wave theory that usually occurs ahead of a strong turning point. We however still need impulse down to 1232 to confirm any change in trend.
GOLD (Feb 2014) 30min Elliott Wave Analysis

GOLD Elliott Wave Analysis 30min

USDCHF is at the highs, but leg from 0.9085 can respresent wave v), final leg of an impulse from 0.9030 so be aware of a intraday corrective pullback to 0.9085. Larger trend remains bullish as long as 0.9085 holds.
USDCHF 1h Elliott Wave Analysis

USDCHF Elliott Wave Analysis

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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.