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GOLD And OIL Intraday Elliott Wave Analysis

By: Gregor Horvat | Thursday, November 28, 2013

GOLD rallied impulsively from 1226 up to 1258 followed by a three wave fall to 1234 in the last few days which we think it's a corrective move, labeled as wave b). With that said, we expect a new push higher, up in wave c) back above 1258.

GOLD 1h Elliott Wave

Gold 1-Hour Elliott Wave Chart

A strong leg down on Crude Oil yesterday with a daily close around 92 figure suggests that prices are in the middle of a new impulsive weakness, so we favour more downside. On the hourly chart we see some slow upward price action with appears to be minor red wave iv) that may stop at 92.45/92.70 mark and then send price down again, in wave v) of (iii). Any intraday shorts taken in that region should have stops placed around 93.50

Crude Oil 1h Elliott Wave

Crude Oil 1-Hour Elliott Wave Chart

 


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Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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