Elliott Wave Review For Crude Oil and GOLD

By: Gregor Horvat | Mon, Mar 10, 2014
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Crude Oil

Crude Oil has turned nicely to the downside from around 105.00 area last week where we were looking for a top formation in wave A after a five wave rally from January low. Notice that current decline is very sharp and impulsive that has extended beneath the trend-line of recent upward channel. At the same time we have also seen push beneath wave four 101.07 support that is the most important evidence for a trend change. As such, we are looking lower now for a big three wave retracement that should resume soon after recent wave (b) retracement up to 103.00 resistance zone.

Crude OIL 4h Elliott Wave Analysis

Crude OIL 4-Hour Elliott Wave Analysis Chart


GOLD

GOLD re-tested the highs at the end of last week at 1350-1360 resistance area from where we have seen a new sell-off, but this time it can be much stronger if we consider the possibility of an ending diagonal placed in wave (v). Price however turned down on Friday after NFP report, so to make sure that trend has changed and that it was not just news effect, we need more evidence for the bearish confirmation. It would be nice to get a daily close beneath 1319 support to confirm further weakness. Bearish divergence on the RSI also suggests limited gains for the metal.

GOLD 4h Elliott Wave Analysis

Gold 4-Hour Elliott Wave Analysis 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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