Elliott Wave Analysis For GOLD and OIL

By: Gregor Horvat | Thu, Sep 25, 2014
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Gold bounced from the lows few days back, but not for long as we were anticipating only a corrective four wave, that now already appears to be finished as price is back at 1208 area. Therefore we expect further weakness now, down to 1200 and even 1990 where wave v) could complete wave (iii) of a higher degree.

GOLD Elliott Wave Analysis

GOLD Elliott Wave Analysis Chart

Because of a higher prices on crude oil last week, after completed ending diagonal placed in wave (v), we suspect that market is forming a corrective price action of a higher degree. We are tracking wave 2 that can be incomplete and maybe even irregular if wave (b) would exceed the start point of wave (a). However, based on latest price action we assume that market will continue up in wave (c), back to 96.00 area.

OIL Elliott Wave Analysis

OIL Elliott Wave Analysis Chart

 


 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

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/

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