Gold And Oil Both May Face Resistance - Elliott Wave Analysis

By: Gregor Horvat | Tue, Feb 11, 2014
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Gold is at the new highs already after breaking out of a triangle yesterday. We believe that price is now in wave (c) of a second zigzag that may form a top in 1290-1300 area. Keep in mind that despite higher highs and higher lows we think that move from 1181 is corrective, thus temporary move so we need to be aware of a bearish turning point in this week.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart

Crude oil is trading nicely since Friday, now above $100 per barrel that has been expected after a triangle formation placed in wave (iv). We are tracking wave (v) now, final leg in wave A that may complete a five wave move from the low around 100.70/101.00 figure. That said, be aware of a corrective retracement in this week down in wave B.

OIL 4h Elliott Wave Analysis

Oil 4-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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