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

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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