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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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