Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Elliott Wave Analysis: Gold And Oil Are Ready For A Pull-back

|Includes:Randgold Resources Limited (GOLD)

We know that after every five wave move correction follow 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 market is now forming a pull-back; an a)-b)-c) move back to former wave four zone placed at 108.57.

Written by www.ew-forecast.com

Try EW-Forecast.com's Services Free for 7 Days

OIL 1h Elliott Wave Analysis

(click to enlarge)Click to enlarge
On GOLD we can see that prices reached 1430 level which was highlighted yesterday in our members area. From where we can already see some bearish pressure coming in, so market could form a temporary top very soon if we consider five wave move up in black wave iii , which means that a corrective set-back in wave iv towards 1406 of former wave four could be in the cards. However, larger trend remains up so keep an eye on that 1406 figure for a possible bounce.
GOLD 1h Elliott Wave Analysis

(click to enlarge)Click to enlarge

Written by www.ew-forecast.com

Try EW-Forecast.com's Services Free for 7 Days

Stocks: GOLD