Gold and Crude Oil Elliott Wave Analysis

By: Gregor_Horvat

On gold we are tracking a triangle placed in wave 4) for a while now. Well, we have been bearish recently within wave D from 1393 which could have bottomed now after a bounce in the past week from around 1265, after three legs down. Keep in mind that market is still sideways, and that we still need wave E retracement which is expected to unfold in the next few weeks. After wave E we will turn bearish for a decline beneath 2013 low.

GOLD Daily Elliott Wave Analysis

Crude oil turned bearish as expected in March after a completed wave A, so bearish leg from 105 is most likely wave B that will probably turn out to be more complex than firstly thought. We are looking for more downside in the next week or two as current bounce from 97.00 appears corrective, thus it's part of ongoing three wave decline from 105.

OIL Daily Elliott Wave Analysis

Crude oil has turned bearish recently after a sharp reversal down from around 104.00 level and through the lower support line of a corrective channel. A reversal from the highs is very strong with increase in volume and momentum, and impulsive price action. Therefore we believe that wave (c) down is under way back to 96.40.

OIL 4h Elliott Wave Analysis

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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.

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