Elliott Wave Analysis For GOLD and OIL Intraday

By: Gregor Horvat | Wed, Jul 2, 2014
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Crude oil hit new lows yesterday so the structure has changed, but it's still corrective which is the most important so we know that next impulsive reaction should be to the upside. We are now looking at the updated labeling with a double zigzag down from 107.35 in wave (iv) that can be near completion. However, a break of the corrective channel and move above 106.07 swing is needed before we can confirm wave (v) up to 108.00.

Crude Oil (August 2014) 1h Elliott Wave Analysis

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

Gold did not move much in the last 24 hours so our bias remains unchanged, we are looking at incomplete wave v) that may extend gains up to 133571340 in the short term, out of current sub-wave iv. However, metal seems to be in final stages of wave (a) so we could see a top formation by the end of this week.

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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