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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • Elliott Wave Review On GOLD And OIL  2 comments
    Feb 21, 2014 5:11 AM

    Gold has moved well above 1300 mark, and forming an extended leg from 1251, triangle low. Notice that we have adjusted the wave count but actually massage is the same; we see a corrective advance from 1181 now at 1330 resistance. We are observing more simple count now this time; a zigzag with a triangle placed in wave (b). We also know that wave (b) pattern CANNOT be labeled as wave two, because triangles never occur in wave two position. So because of that situation we are even more confident that rally is a contra-trend and that gains will be limited. A decline beneath 1290 area could be an important sign for a confirmed top.

    GOLD 4h Elliott Wave Analysis

    Crude Oil extended gains above 102 in the past 24 hours, which makes move from 96.75 an extended. We still see that leg as wave (v), final leg in wave A that should send price down in wave B in the next few sessions and days. An impulsive drop back to $100 would suggests that wave B in already progress.

    OIL 4h Elliott Wave Analysis

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Comments (2)
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  • zyybc
    , contributor
    Comments (5) | Send Message
    According your analysis, You look like to believe the gold price is very possible topped in place, is it right?
    21 Feb 2014, 09:23 PM Reply Like
  • ew-forecast.com
    , contributor
    Comments (4) | Send Message
    Author’s reply » Gold has turned down from 1345 resistance area where we see a completed five wave rise from 1251 level, which was the end point of a triangle. There are chances that market accomplished wave (c) that is a part of a huge zigzag from 1181 low. Notice that price also moved beneath 1251-1307 trendline that suggests further weakness in the short-term, probably back to 1307 area of a former wave iv).
    27 Feb 2014, 10:11 AM Reply Like
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