GOLD and WTI Crude OIL Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Jan 7, 2015
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Gold is slightly lower from this morning, but not much. We see limited downside as pullback seems to be only short-lived. We are talking about red wave iv) that can re-test 1200/1205 support region. So ideally uptrend will resume in sessions ahead.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

WTI Crude Oil is now trading above the fast downward channel that represents wave iii, so seems like this leg down is finished. However, current bounce can be short-term, as we are looking at wave iv that has a nice resistance coming in around 50 level; at upper channel and 38.2% Fib. retracement zone.

Crude Oil (Feb 2015) 1h Elliott Wave Analysis

Crude Oil (Feb 2015) 1-Hour Elliott Wave Analysis Chart

 


 


 

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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