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

Crude-Oil-1h-Elliott-Wave-Analysis

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.
OIL 1h Elliott Wave Analysis Chart
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 Chart

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