Elliott Wave Weekly Review For GOLD, OIL and SP500

By: Gregor Horvat | Mon, Apr 14, 2014
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S&P500 has turned nicely to the downside last week from 1865/1870 resistance area where wave 2/B completed a corrective rally. Market already reached a new swing low but based on downside fib. projections and strong bearish momentum price could be moving down in wave 3 towards 1765 zone. Only rally above the upper resistance line of a current downward channel would put market back in bullish mode.

S&P500 4h Elliott Wave Analysis

S&P500 4-Hour Elliott Wave Analysis Chart

Crude oil exceeded 102.20 swing high last week which makes rally from 97.00 more complex but still corrective. We are looking at a three wave move with a triangle placed in wave b), so current leg from 99.87 can be wave c), final leg within a corrective advance, so we should be aware of a bearish reversal. An impulsive sell-off back to 101.50 will be an important sing for a completed recovery. In that case we would be looking for short opportunities again. Until then staying aside may not be a bad idea.

Crude OIL 4h Elliott Wave Analysis

Crude OIL 4-Hour Elliott Wave Analysis Chart

Gold is recovering from 1277 low but still showing a corrective personality because of an overlapping price action. Therefore we think that rally from the low is temporary; ideally it's wave (b) that is part of a larger downtrend. We see price now moving into 1320-1342 reversal zone from where a new sell-off may occur. A decline in impulsive fashion will confirm a downtrend continuation for this market.

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

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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