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Gold, Stocks and Crude Oil Heading Lower

Stock-Markets / Financial Markets 2014 May 20, 2014 - 12:54 PM GMT

By: Gregor_Horvat

Stock-Markets

GOLD is moving sideways in 1268-1331 range for more than a month between two contracting trend-lines that make a shape of a triangle. We are looking at a running triangle in wave (b) that can be near completion as rise from 1276 is already in three legs that represents wave e), final leg in the pattern. With that in mind, traders should be aware of a bearish reversal down in wave (c) towards 1220/40 especially once 1277 and pattern support will give way.


GOLD 4h Elliott Wave Analysis


Crude oil is still recovering away from May 1st low which is now taking too long. In fact price is in the middle of a range since start of March actually, so we adjusted the wave count and now looking for a triangle placed in wave B that is still incomplete. However, even this different interpretation is suggesting a reversal in price in coming days down from current levels into wave (e) back to 100 area.
 
OIL 4h Elliott Wave Analysis


S&P500 has turned bearish last week as prices fell through the channel support line connected from 1803 low, and at the same time also moved slightly beneath wave (e) swing low of a wave B triangle. Such a price action, especially broken upward channel suggests that market completed a three wave rise from 1803 to 1898. With that said, we assume that price will continue lower  within wave C) that is part of a corrective blue wave (4) that can be a flat. Weakness may accelerate soon as broken trendline may turn into a resistance.

S&P500 4h 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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