Elliott Wave Review For Crude Oil and GOLD

By: Gregor Horvat | Mon, Mar 10, 2014
Print Email

Crude Oil

Crude Oil has turned nicely to the downside from around 105.00 area last week where we were looking for a top formation in wave A after a five wave rally from January low. Notice that current decline is very sharp and impulsive that has extended beneath the trend-line of recent upward channel. At the same time we have also seen push beneath wave four 101.07 support that is the most important evidence for a trend change. As such, we are looking lower now for a big three wave retracement that should resume soon after recent wave (b) retracement up to 103.00 resistance zone.

Crude OIL 4h Elliott Wave Analysis

Crude OIL 4-Hour Elliott Wave Analysis Chart


GOLD re-tested the highs at the end of last week at 1350-1360 resistance area from where we have seen a new sell-off, but this time it can be much stronger if we consider the possibility of an ending diagonal placed in wave (v). Price however turned down on Friday after NFP report, so to make sure that trend has changed and that it was not just news effect, we need more evidence for the bearish confirmation. It would be nice to get a daily close beneath 1319 support to confirm further weakness. Bearish divergence on the RSI also suggests limited gains for the metal.

GOLD 4h Elliott Wave Analysis

Gold 4-Hour Elliott Wave Analysis Chart


Written by www.ew-forecast.com
14 days trial just for 1€ >> http://www.ew-forecast.com/register



Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com