The Crude Oil maintained some bullish momentum last week , printed a new support at the 101.04 levels, resistance is at the 105.08 levels, stability below the 105.08 levels on a weekly basis, would add pressure on the 101.04 levels , a break below the 101.04 levels would suggest that fall from 112.20 is resuming ,If seen, next support comes at the 98.20 levels, further downside will aim the 92.71 levels.
On the upside, sustained break above the 105.08 on weekly basis, would suggest…Continue
Added by Haitham653 on October 8, 2013 at 5:00am — No Comments
The US stocks futures and the USD did not move much during Asian session while the US Bonds found some resistance. So markets did not change much, the USD remains under pressure, despite lower commodity market and metals.
The EURUSD appears to be trapped in another tight range, a sideways move in wave B before we see a break to a new high, most likely early next week.
Added by Gregor Horvat on September 13, 2013 at 8:59am — No Comments
Oil made a sharp reversal from 112 two weeks back which we think it was wave A, first leg of a three wave down in wave 4) that is part of a larger uptrend. Ideally recent recovery from 104.20 was still only a second leg, labeled as wave B so we need wave C down before market may complete a contra-trend movement. Notice that price recently fell through the lower support line of a wave B channel so it seems that wave C is in progress, and based on minimum expectations we need to see a three…Continue
Added by Gregor Horvat on September 11, 2013 at 12:35pm — No Comments
We are temporary bearish on oil prices for a three wave decline from 112 since first leg of this decline has unfolded in five waves, labeled as wave A. As such, rally from 104.20 is probably a contra-trend movement, wave B that will sooner or later send prices down into C leg, while 112.20 remains untouched.
OIL 1h Elliott Wave Analysis…
Added by Gregor Horvat on September 4, 2013 at 2:26pm — No Comments
The crude oil continued its bullish momentum last week , printed a new support at the 106.54 levels, this scenario is likely to build a pressure on the key resistance 109.30, a break would turn focus on the 110.52, a halt is suggest but a break would have large bullish implication towards the 114.80 levels , further more will aim the 118.00 levels.
On the downside , support comes at 106.54 , a break would confirm short term topping and open the way towards the 105.62 levels, further…
Added by Haitham653 on August 19, 2013 at 5:31am — No Comments
Most of the US stock markets are in the risk-off mode after St. Louis Fed President James Bullard said yesterday that the central bank needs to see more data in the second half of the year before it starts tapering its stimulus program. That’s also the reason for higher metals. We can see Gold now trading around 1340 and Silver is already at 22.00 level. Oil price is also higher, now above 107.00. All these three markets have structures that are pointing even higher.
On Gold we…
Added by Gregor Horvat on August 15, 2013 at 8:23am — No Comments
The crude oil has maintained a strong bullish momentum 2 weeks ago, printed a new support at the 102.66 levels, this development leaves the pair targeting the 109.30 levels where a breach is likely , If seen , it will target the 110.52 levels before flying towards the 114.80 levels, a halt is suggested around this level but a break will send the crude oil towards the 118.60 levels, further more will aim the 130.00 levels.
On the downside, to neutralize the upside offensive, the…
Markets are mixed; USD is up against EUR, GBP, JPY and CHF and down against AUD and CAD, while metals and oil are in uptrend and S&P is looking weak. Special attention in this week should be on gold, oil and EURUSD it seems, based on latest price action.
On GOLD we were talking about impulsive rally on Friday, and so far we have a seen a nice continuation towards 1332 today during the Asian session. It looks like wave v) is in progress but it has an extended structure so be…
Added by Gregor Horvat on August 12, 2013 at 8:35am — No Comments
From an Elliott Wave perspective the price action looks nice and clean on several markets, for possible trading set-ups, but unfortunately not much on the FX. I am looking gold, and tracking short-term bullish wave pattern. Current minor pull-back could be wave four, with wave five in view. For any long scalps, keep an eye on 1297 for invalidation-stop level.
Added by Gregor Horvat on August 9, 2013 at 8:30am — No Comments
The Crude Oil rose last week , but the pair was rejected from the 108.92 levels , topped at 108.78 levels, last Friday it maintained some bearish momentum after bottoming at 106.64 levels, now pressure will be on the key support 106.64, the Crude Oil will have to hold below the 106.64 levels on a daily closing basis to push the market for further downside losses, If seen, main support is at 105.00 levels, at this point this level may contain any downside moves but losing 105.00 on a daily…Continue
Added by Haitham653 on August 5, 2013 at 10:20am — No Comments
The crude Oil maintained a strong bullish momentum as suggested yesterday , almost reached 108.92 levels, the pair is in overbought area, but no sign of topping yet, and further gain to the upside is suggested, resistance is at 108.92, a break would open the way for retesting 109.95 ahead of the main resistance on weekly at 110.54.
On the downside support is 105.00 levels, losing this level on a daily closing basis will flip bias back to the downside for retesting 102.67…
Added by Haitham653 on August 2, 2013 at 10:47am — No Comments
The Crude Oil maintained a bullish momentum yesterday - after the false break below 103.71 - topped at 105.41 levels, now pressure will be on the key resistance 105.41, the crude oil will have to hold above the 105.41 levels on a daily closing basis to push the market for further upside gains,If seen it will target the 108.92 levels where a breach will turn focus on the 110.54 levels.
Alternatively, a failure to hold above the 105.41 levels could mean a return to the 102.67 levels…
Added by Haitham653 on July 31, 2013 at 11:57pm — No Comments
The crude oil continued to maintain its bearish momentum last week, after topping at 108.92 levels, now pressure will be on the key support 103.71, the crude oil will have to hold below the 103.71 levels on a daily closing basis to push the market for further downside losses,If seen , it will attack the 99.25 levels where halt is strongly suggested , but if 99.25 fails on a daily closing basis, expect the oil to weaken further towards the 94.27 levels.
Alternatively, a failure to…
Added by Haitham653 on July 27, 2013 at 10:18am — No Comments
Oil broke higher on Friday, most-likely into wave v) which is final leg of wave (iii) from 92.70. We know that after every five waves correction will follow, so traders must be aware of a retracement in this week back in wave (iv) towards 100-101 support region.
Added by Gregor Horvat on July 8, 2013 at 1:30pm — No Comments
USD is showing some bullish intra-day swings this morning, but at the moment it’s still hard to tell if corrections (up on EURUSD, GBPUSD, down on USDCHF,…) already finished or not. We however have few charts here that are pointing for stronger USD in this week. Firstly we will take a look at the S&P Futures where we can see sharp impulse down, followed by a slow recover which we think its corrective movement. Resistance region is near, so be aware of a reversal…
EU GBP Gold and Oil Forecast 21 May 2013
Oil made a nice pull-back from 85.60 in the past few days, which we still think it represents part of a black wave 4. Notice that oil moved slightly above wave (a) swing high before price turned bearish in the last two hours. Thats very typical formation in expanded flats, so we like idea of a completed black wave 4 and wave 5 headed beneath 85. However, we need more aggressive sell-off and daily close below 87.45 to confirm the bearish view for this market.
Added by Gregor Horvat on April 22, 2013 at 2:18pm — No Comments
I ran across this today and thought it was interesting. The World Bank is forecasting a softening in both gold and oil prices over the next ten years. If gold does decline it "might" mean a stronger dollar. The negative correlation between the two doesn't always hold true but it's something to consider when looking at the bigger picture.
So what might drive gold lower? The first guess would be inflation and an increase in interest rates. Rates here in the US have been low for a…Continue
Crude was not able to surpass $98.30.
Almost 2 weeks ago, (Feb. 13th update) I´ve apporached crude with an important upward bias.
Although somewhat overextended (again, algos have provided sell signals in shorter term intervals) and working with the idea of crude establishing new highs. First target is $98.30 (early Feb. highs), fowllowed by a much broader a complex…
Added by Demian Pack on February 25, 2013 at 4:49am — No Comments
Oil firstly extended lower at the end of the past week in wave C as highlighted in our past updates. Well, we anticipated a five wave decline from 98.00 but because of an overlap with 96.57 market actually completed a three waves (a)-(b)-(c) down to 95.11. This is a structure of a corrective movement so we think that whole price action from Jan 30 is actually an incomplete triangle in wave 4), especially if we consider that market did not move through previous wave A swing level. If we are…Continue
Added by Gregor Horvat on February 20, 2013 at 2:30pm — No Comments