GOLD and OIL Intraday Elliott Wave Analysis
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
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
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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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