GOLD and WTI Crude OIL Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Jan 7, 2015
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Gold is slightly lower from this morning, but not much. We see limited downside as pullback seems to be only short-lived. We are talking about red wave iv) that can re-test 1200/1205 support region. So ideally uptrend will resume in sessions ahead.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

WTI Crude Oil is now trading above the fast downward channel that represents wave iii, so seems like this leg down is finished. However, current bounce can be short-term, as we are looking at wave iv that has a nice resistance coming in around 50 level; at upper channel and 38.2% Fib. retracement zone.

Crude Oil (Feb 2015) 1h Elliott Wave Analysis

Crude Oil (Feb 2015) 1-Hour 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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