GOLD And OIL Intraday Elliott Wave Analysis

By: Gregor Horvat | Thu, Nov 28, 2013
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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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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of, but before that he was working for Capital Forex Group and His feature articles have been published on:,,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on for Best Forex Analysis in 2016. At 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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