Elliott Wave Analysis: GOLD and EURUSD Intraday

By: Gregor Horvat | Tue, May 20, 2014
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EURUSD is moving sideways within wave b) so our view here is unchanged. We are looking for a push up into wave c), third leg of recovery that may reach 1.3774 in this week before market turns down again.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

Traders, did you know that triangle can also occur within a triangle pattern?! I am observing such situation on gold within wave e) final leg of a big triangle in wave (b). Notice that the price action is still sideways so this count makes sense, but it does not change our interpretation. We still expect a break to the downside, but maybe after another 1300 test.

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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