GOLD & Crude OIL Look For Correction


Decline on gold from 1220 is in five waves, so leg is part of a larger three wave retracement that will resume after three wave rally up in wave b. We see technical resistance coming in at 1200-1206.
GOLD 1h Elliott Wave Analysis

GOLD Intraday

Crude oil is trading down from 52.46 that we see it as a five wave move, part of a minimum three legs down to around 44/45. But before we get a third leg down we expect a short-term rise up into wave (b) that may start unfolding soon as current wave (a) seems to be near completion with its fifth wave.
CRUDE OIL (May 2015) 1h Elliott Wave Analysis

OIL Inraday

2 for 1

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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 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.