Gold and Oil Are Ready For A Pull-back (Elliott Wave

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We know that after every five wave move, a correction follows in three waves.

And that’s exactly what is happening on OIL; we see a completed five wave move from 105.50 to 112.20 so the market is now forming a pull-back; an a)-b)-c) move back to the former wave four zone placed at 108.57.

oil 28 2013 1h Elliott Wave Technical Analysis for commodity and currency trading

On GOLD we can see that prices reached the $1430 level which was highlighted yesterday in our members area.

From here we can already see some bearish pressure coming in, so the market could form a temporary top very soon if we consider a five wave move up in black wave iii, which means that a corrective set-back in wave iv towards 1406 of a former wave four could be in the cards.

However, the larger trend remains up so keep an eye on that 1406 figure for a possible bounce.

gold 28 2013 1h Elliott Wave Technical Analysis for commodity and currency trading

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About Author

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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