Elliott Wave Analysis For GOLD And OIL

By: Gregor Horvat | Fri, Feb 14, 2014
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GOLD Four Hour

Gold is now above 1300, making an extended leg from 1251, triangle low. Notice that we have adjusted the wave count but actually massage is the same; we see a corrective advance from 1181 now moving into 1300-1315 resistance. We are observing more simple count now, a zigzag with a triangle placed in wave (b). We also know that this wave (b) pattern CANNOT be labeled as wave two, because triangles never occur in wave two position. So because of that we are even more confident that rally is a contra-trend and that gains will be limited.

GOLD 4h Elliott Wave Analysis

Gold 4-Hour Chart


OIL Four Hour

Crude oil has been trading nicely higher for the last few days, towards our 100-101 projected target where we expect a top formation for wave A after five waves up from 91.18 low. We know that after every five wave market will move in opposite direction in minimum three legs. So we anticipate a retracement in wave B ideally back to 97.00 area, probably next week.

OIL 4h Elliott Wave Analysis

Oil 4-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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