GOLD and USDCAD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Tue, Sep 2, 2014
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GOLD is falling today, away from 1296 where we see a completed wave iv, so current weakness represents a fifth wave, final leg of an impulsive sell-off from 1322, or maybe even from 1345 if we consider a potential three wave decline from that July highs. We see some supports from 1265 to 1250 from where we may get a bounce in price. If that would be in impulsive fashion then we will turn immediately bullish.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

Five waves down from the highs, followed by a three wave rally is a bearish pattern that is pointing south on USDCAD. We are looking for an (a)-(b)-(c) drop away from 1.0995 where wave (c) may test 1.0800 before we look for a new bounce.

USDCAD 1h Elliott Wave Analysis

USDCAD 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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