Elliott Wave Analysis: Crude OIL and GOLD

Crude OIL

The bounce on crude oil from 53.36 appears to be a strong move with five subwaves. As such, we think it’s an impulse which can send oil prices much higher in the sessions ahead. This can be seen after a three wave retracement now back to 53.90/54.00 area from where a new leg up may show up; maybe even a third wave, while 53.36 level should stay in place.

Crude OIL, 1H

GOLD

We have seen a very nice breakout on gold yesterday, above 1244, as already at the start of this week when we identified a three wave decline to 1226. So far there is a nice bullish structure from Feb 22 low, which looks like an extended structure so ideally it’s red wave iii) of a five wave move that can continue to 1258-1260 in the next few sessions. In the mean-time we need to be aware of a fourth wave retracement, back to 1247 where a new bounce may occur, while invalidation level at 1240 should stay untouched.

GOLD, 1H

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, 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 Ew-forecast 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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