Commodities Elliott Wave Analysis: GOLD and Crude OIL

By: Gregor Horvat | Wed, Jun 4, 2014
Print Email

Gold broke to the downside last week, out of triangle pattern that was placed in wave (b) so current leg down should be wave (c) as part of D of a big triangle from a daily chart. We know that wave (c) is impulsive wave so we need to be aware of a bullish reversal after a five wave drop from wave e) swing high. In the last few sessions market slowed down around 1240-1245 so it's probably wave iv)so decline could extend down to 1230 by the end of the week.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart

Crude oil has turned bearish last week, away from 104.00-104.50 resistance where we were looking for a wave (d) high. Notice that market turned nicely down, through the support channel line that confirms the bearish view for a three wave drop into wave (e) back to 100-101 area. Once those levels will be seen, we will turn bullish as big triangle since March could then be near completion.

OIL 4h Elliott Wave Analysis

OIL 4-Hour Elliott Wave Analysis Chart


Interested in our analysis? Get now 1 month of full service for just 1€.



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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright ©