GOLD and USDCAD Intraday: Elliott Wave Analysis
GOLD is falling today, away from 1296 where we see a completed wave iv, so current weakness represents a fifth wave, final leg of an impulsive sell-off from 1322, or maybe even from 1345 if we consider a potential three wave decline from that July highs. We see some supports from 1265 to 1250 from where we may get a bounce in price. If that would be in impulsive fashion then we will turn immediately bullish.
GOLD 1h Elliott Wave Analysis
Five waves down from the highs, followed by a three wave rally is a bearish pattern that is pointing south on USDCAD. We are looking for an (a)-(b)-(c) drop away from 1.0995 where wave (c) may test 1.0800 before we look for a new bounce.
USDCAD 1h Elliott Wave Analysis
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
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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