Elliott Wave Outlook For GOLD and Crude OIL

By: Gregor Horvat | Wed, Mar 19, 2014
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Crude oil is on the rise today which has been expected after five waves down from 102.88. Notice that reversal from the lows has unfolded in three legs which means that market has bottomed that we should see a minimum three wave rally. More upside to come after wave (b)/(ii) retracement that could take place in the next few sessions.

Crude Oil (Apr 2014) 1h Elliott Wave Analysis

Crude Oil (Apr 2014) 1-Hour Elliott Wave Analysis Chart

GOLD is at the lows, still moving down in first leg of trend reversal, but looks like this five sub-waves from the top can be near completion after recent break out of a bearish triangle. Be aware of a three wave bounce, which would be nice for traders that want to get involved on the short side.

GOLD 1h Elliott Wave Analysis

GOLD 1-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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