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

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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