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GOLD, Crude OIL and S&P500 Elliott Wave Review

Stock-Markets / Financial Markets 2014 Mar 30, 2014 - 05:28 PM GMT

By: Gregor_Horvat

Stock-Markets

GOLD have turned bearish last week from 1380-1400 Fibonacci resistance zone and extended losses in this week beneath 1300 psychological level where market could look for some support if we consider five sub-waves down from 1391. We are talking above red wave i)/a) that could be near completion, so traders should be aware of three wave rally back to 1327-1342 region. The RSI is also showing some signs of a divergence. Keep an eye on upper trendline of a current downward channel; a break above it will suggest that three wave rally has began.


GOLD 4h Elliott Wave Analysis

Crude oil is at new high of the week after strong rally yesterday to above 101 level. Ideally price is now in the middle of wave (iii) heading up to 104.20 projected level; 161.8% extension of wave (i) from wave (ii) low. Short-term critical support is now at 98.80; as long this level holds trend is up.

OIL 4h Elliott Wave Analysis

S&P500 turned up last Thursday but from an Elliott Wave perspective we see a completed three waves rally at 1877, so we still like the bearish scenario for a decline back to 1830 and possible even 1818. The RSI divergence line also reacted as a resistance in the last few days so it supports the idea for short-term lower prices. Based on latest structure 1869 should hold for a bearish case.

S&P500 Elliott Wave Analysis

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2014 Copyright Gregor Horvat - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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