Crude bears for real

Elliott Wave Forecast

Gold (COMEX:GCQ14) turned bearish last week, it fell back to 1309 after the NFP report. Price retraced deeply into the area of a former wave (iv) so we believe that a five wave rally in wave (a) is completed and that market is retracing in wave (b) that can reach even 1300 level and a trendline connected from 1240 before we may look for a reversal up into wave (c).

Gold 4h Elliott Wave Analysis

Crude oil (NYMEX:CLN14) was trading lower last week. More importantly it finished the week at the lows, so looks like bearish momentum is for real here--which means that price could continue even lower in this week. With that in mind, we are now observing a bearish impulse in progress on the intraday charts, especially as bigger corrective rally on a daily chart can be finished at latest highs. If we are on the right track, then market is now heading down within wave (iii) that has a target at 102.30/103.00.

Oil 4h Elliott Wave Analysis

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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