Silver and OIL Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Dec 10, 2014
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The FX market is very slow for the last couple of hours with EURUSD holding above 1.2360 support, while metals are showing some weakness at the moment and metals are sideways. On metals we expect even more upside soon, as latest price action around $17 on silver looks corrective. Ideally it's a flat in fourth wave so new high could be coming in wave iii) that could reach even 17.40 area this week.

Silver 1h Elliott Wave Analysis

Silver 1-Hour Elliott Wave Analysis Chart

Crude oil is at new lows, but most likely trading in final stages of an extended wave iii that could find a support in the next two sessions. As such, be aware of a new corrective retracement of wave iv of a higher degree that could retested back to 63.70/64.00 resistance area before prices goes even lower, towards $60; a psychological level.

WTI Crude Oil (Jan 2014) 1h Elliott Wave Analysis

WTI Crude Oil (Jan 2014) 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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