Elliott Wave Analysis For GOLD, OIL and SP500

By: Gregor Horvat | Fri, May 16, 2014
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S&P500 has turned bearish in this week and even accelerated lower yesterday. More importantly, prices fell through the channel support line connected from 1803 low, and also moved slightly beneath wave (e) swing low of a wave B triangle. Such price action, especially broken upward channel suggests that market completed a three wave rise from 1803 to 1898. With that said, we assume that market will continue lower now within wave C) that is part of a corrective blue wave (4) that can be a flat.

S&P500 4h Elliott Wave Analysis

S&P500 4-Hour Elliott Wave Analysis Chart

Crude Oil has turned bearish in mid-April when we called a bearish reversal after a very high but still only a three wave rally from 96.40 to 104. Notice that from that high market fell down in five waves through the support line connected from March lows. This five wave decline and breakout confirms the bearish trend that may resume very soon as rally from 98.70 also looks corrective, and now testing that broken line that can turn into the resistance around current levels. Ideally market will turn bearish in the next couple of days.

OIL 4h Elliott Wave Analysis

OIL 4-Hour Elliott Wave Analysis Chart

GOLD is moving sideways in 1268-1331 range for more than a month between two contracting trend-lines that make a shape of a triangle. We are looking at a running triangle in wave (b) that can be near completion as rise from 1276 is already in three legs that represents wave e), final leg in the pattern. With that in mind, traders should be aware of a bearish reversal down in wave (c) towards 1220/40 especially once 1277 and pattern support will give way.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis 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 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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