Silver and Crude OIL Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Dec 3, 2014
Print Email

Silver has slowed down recently, into a tight range which is fine as metal completed a dive wave rally from 14.45 at 16.76. Therefore, we think that current slow move represents a correction that can still be incomplete. Wave c) decline close to $16 is possibly before market turns up for a new impulse.

Silver 1h Elliott Wave Analysis

Silver 1-Hour Elliott Wave Analysis Chart

There is a big question if crude has may found a temporary or maybe even tradable bottom at 63.71 or was just a correction. Well, we can see sharp leg to 69.54 which must be an impulsive reaction, especially if we consider corrective decline from latest swing high, which are very slow and choppy, like in our case. We see an a-b-c set-back that can stop around $66 per barrel.

Crude Oil 1h (Jan 2015) 1h Elliott Wave Analysis

Crude Oil 1-Hour (Jan 2015) 1h Elliott Wave Analysis Chart

 


Subscribe Our Newsletter If you already haven't >> http://goo.gl/8QVevl

 


 

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/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com