Crude OIL and Gold Both Reversing Higher

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A strong recovery on crude oil from 42.00 has unfolded in an impulsive manner, so can either be wave 1) or A) that is still part of a three wave recovery. That said we will now expect more upside to follow, as the recent three wave decline to 44.00 can be finished around 61.8% fib level. That said, the market can rally even up to 49.00 where the third leg would be equal the first leg.

Crude OIL, 4H

Gold can be trading at the start of a minimum three wave reversal higher, after a potential base had been found for the previous wave C. If that is the case, then we will see more gains unfold in the next couple of days, but as always, we need to focus on minimum expectations and with this we mean a minor five wave rally from the lows and a breach above the previous swing of wave 4 at 1228 level. A break out of a channel line would be another indication, that bulls are taking over.

GOLD, 4H

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Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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