Elliott Wave Analysis For GOLD and OIL

By: Gregor Horvat | Thu, Sep 25, 2014
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Gold bounced from the lows few days back, but not for long as we were anticipating only a corrective four wave, that now already appears to be finished as price is back at 1208 area. Therefore we expect further weakness now, down to 1200 and even 1990 where wave v) could complete wave (iii) of a higher degree.

GOLD Elliott Wave Analysis

GOLD Elliott Wave Analysis Chart

Because of a higher prices on crude oil last week, after completed ending diagonal placed in wave (v), we suspect that market is forming a corrective price action of a higher degree. We are tracking wave 2 that can be incomplete and maybe even irregular if wave (b) would exceed the start point of wave (a). However, based on latest price action we assume that market will continue up in wave (c), back to 96.00 area.

OIL Elliott Wave Analysis

OIL Elliott Wave Analysis Chart




Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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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