Silver and OIL Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Dec 10, 2014
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The FX market is very slow for the last couple of hours with EURUSD holding above 1.2360 support, while metals are showing some weakness at the moment and metals are sideways. On metals we expect even more upside soon, as latest price action around $17 on silver looks corrective. Ideally it's a flat in fourth wave so new high could be coming in wave iii) that could reach even 17.40 area this week.

Silver 1h Elliott Wave Analysis

Silver 1-Hour Elliott Wave Analysis Chart

Crude oil is at new lows, but most likely trading in final stages of an extended wave iii that could find a support in the next two sessions. As such, be aware of a new corrective retracement of wave iv of a higher degree that could retested back to 63.70/64.00 resistance area before prices goes even lower, towards $60; a psychological level.

WTI Crude Oil (Jan 2014) 1h Elliott Wave Analysis

WTI Crude Oil (Jan 2014) 1-Hour 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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