Silver and Crude OIL Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Dec 3, 2014
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Silver has slowed down recently, into a tight range which is fine as metal completed a dive wave rally from 14.45 at 16.76. Therefore, we think that current slow move represents a correction that can still be incomplete. Wave c) decline close to $16 is possibly before market turns up for a new impulse.

Silver 1h Elliott Wave Analysis

Silver 1-Hour Elliott Wave Analysis Chart

There is a big question if crude has may found a temporary or maybe even tradable bottom at 63.71 or was just a correction. Well, we can see sharp leg to 69.54 which must be an impulsive reaction, especially if we consider corrective decline from latest swing high, which are very slow and choppy, like in our case. We see an a-b-c set-back that can stop around $66 per barrel.

Crude Oil 1h (Jan 2015) 1h Elliott Wave Analysis

Crude Oil 1-Hour (Jan 2015) 1h 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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