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Gold and Crude Oil Elliott Wave Outloook

Commodities / Commodities Trading Aug 22, 2014 - 05:03 PM GMT

By: Gregor_Horvat

Commodities

GOLD is falling, now beneath 1279 July low so looks like market is making a new impulse down from around 1322 that can either be wave c) or wave iii) in both cases we see room for a decline to 1255/1260 in the near future. From a bigger point of view we still see chances for a corrective decline from 1345 bullish price action may follow by the end of August, but we need a recovery back above 1302 if not 1319 to confirm a return back to July high.



Crude oil extended its weakness to 93.00 recently. As such, a decline from 97.73 is most likely wave (iii) because of a five wave decline. After every impulse, you will see a corrective reaction so we think that current rally from 92.58 low is a corrective and temporary recovery, probably wave (iv) that will stop around 93.60-95.00 zone.

OIL 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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