Elliott Wave Analysis: Crude Oil And Gold

By: Gregor Horvat | Tue, Nov 10, 2015
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Crude Oil

Crude Oil bounced sharply at the end of October but only with three waves that made a reversal down last week from around trend line resistance and 61.8% Fibonacci level. That was ideal zone for a bearish continuation that seems to be in full progress now after a break beneath 45.90 bearish level. As such, wave (ii) appears completed which means that 42.64 low should be retested; ideally it will be broken out that will make room for a move down to $39.

Crude Oil, 4H

Crude Oil 4-Hour Elliott Wave Chart


Gold

Gold keeps trading lower with very aggressive and sharp decline since price broke through the lower side of a trading channel near 1158. This typically occurs in wave three of an impulsive price action so it looks like that metals are headed back to the lows of 2015. In fact, leg from 1183 is extended so it should be made by five subwaves with wave 3 that appears in full progress after another strong decline on Friday. As such, expect more weakness after any corrective bounce. Ideally wave (iv) retracement is now underway back to around 1100 from where weakness may resume this week.

GOLD, 4H

Gold 4-Hour Elliott Wave 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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