All posts by Gregor Horvat

USD Index: Eyes New High After Correction

Gregor Horvat

USD remains clearly bullish on daily chart with higher highs and higher swing lows forming since May 2014. Currently we see price moving sideways, in a corrective pattern that can lift price into V, towards 102 or even 104 level but only if we will get a bounce up from current trendline. more…

Crude OIL: Looking Higher Towards $60 Level

Gregor Horvat

Crude oil fell to a new low in March but this does not mean that corrective fourth wave is complete. In fact, price turned up very sharply in the last couple of weeks, so it looks like that wave four is going to be bigger than on the first place. We however are still looking at a three wave rally that can stop at former wave four, near $60 per barrel. more…

EURUSD: Corrective Wave Still Unfolding

Gregor Horvat

EURUSD turned sharply up last week back to mid-range from the last two months so it looks like that corrective wave is still unfolding. We are tracking wave IV now that is part of ongoing five wave decline in wave C) which could break down to around parity before EUR bears can be finished. Wave V could send price to new lows before the summer of this year. more…

Crude OIL: Correction Is Still Unfolding

Gregor Horvat

Crude oil fell to a new low in March but this does not mean that corrective fourth wave is complete. In fact, price turned up, back above 50 last week, so we assume that correction is still unfolding. With that in mind, we will be looking even lower once the sideways move is finished. Based on latest price action we assume that energy is forming a triangle pattern. more…

USD INDEX: Correction Within Uptrend

Gregor Horvat

USD Index is moving sideways for the last couple of weeks so downward move may not be so big and deep as we firstly thought. Instead, market is going sideways so it may be a triangle, but important is that price action looks corrective, meaning that sooner or later big uptrend should resume. If triangle is correct count then traders need to be aware of bullish turn as price seems to be in wave (E) now, final leg that can complete triangle this week. more…

Downtrend On GOLD Still Alive, But Wedge Suggests Limited Downside

Gregor Horvat

On gold we can see that price fell close to former lows, so we think that downtrend is still in play, especially if we consider the fact that rally from 1131 to 1306 was made by three waves. As such, we adjusted the wave count and labeled recovery as wave 4 that is part of an ending diagonal in wave 5). With that said, we will be looking for a possible bounce from new low, from around 1100 area later this year. But for now, bears are still here and expected to resume after subwave (b) rally is complete. We see it in play now for a retracement back to 1200-1220. more…

S&P 500 May Find Support Around 2020

Gregor Horvat

S&P500 is reversing sharply lower and approaching former swing low that will probably be taken out based on strong bearish sentiment. However, any new swing low would still be only third leg down from the high so we suspect that move may still be corrective. Ideally wave B), but just more complex than before, but still part of a wave five that, within a final leg of an ending diagonal. If we are correct, then current strong bearish move should stop around 2020 level where we see nice Fibonacci levels for potential bounce in price. more…