GOLD and OIL Intraday Elliott Wave Analysis

By: Gregor Horvat | Fri, Nov 21, 2014
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Crude oil is turning down sharply down after making a new high that has been expected for a completed five wave cycle in wave c. Further weakness through 75.62 will be bearish for crude that could then revisit 73.25 lows next week.

CRUDE OIL (January 2015) 1h Elliott Wave Analysis

CRUDE OIL (January 2015) 1-Hour Elliott Wave Analysis Chart

GOLD is at the highs following the pattern from start of November when metals broke higher each Friday. Well, we see price at the highs, but this time rally can be different and much smaller as we see prices in wave (v), final leg of a larger five wave recovery. In fact, we see breakout from a triangle, so it's the final trust, therefore upside can be limited around 1210-1215.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

 


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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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