All posts by Grega Horvat

Crude OIL: Correction Is Still Unfolding

Grega 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

Grega 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

Grega 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

Grega 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…