Tag Archives: Gregor Horvat

Crude OIL: Possible Turning Point Around 43/45

Gregor Horvat

Crude oil has turned sharply lower a few days back so it appears that five wave rally up from 35.19 is completed, thus a new three wave move down is underway. We are expecting a corrective decline, labeled as blue wave four that will ideally retrace back to 43-45 area, where we see 38.2% Fibonacci support, as well as length taken of wave two, where both can act as a turning point higher. more…

GOLD Reaching For 1330/1340

Gregor Horvat

Gold bounced sharply this month from 1200 area where we see a completed corrective wave II, which can be labeled as a flat or even as a W-X-Y, but in both cases it was a complex correction within uptrend that is now ready to continue. We see current leg up impulsive on lower time frames so it appears that metal is underway to new highs of the year up to 1330-1340 minimum upward projections, but it may go much higher if we consider the wave structure on a weekly time frame. more…

AUDUSD: Possible Turning Point Around 0.7500

Gregor Horvat

AUDUSD has turned down from 0.7834 high in May after wave C-circled completed a big corrective wave IV flat pattern. A flat has a 3-3-5 sub-waves, so it’s a contra-trend movement that should send price back to the lows. So far, market made a very good and strong bearish turn to 0.7130 with clearly impulsive personality, thus we believe that big black wave V is underway. more…

Elliott Wave Analysis: Pound Finishing Up Corrective Wave IV; 1.4800 Possible Resistance Zone

Gregor Horvat

GBPUSD is in recovery mode since March of this year when pair accomplished an extended five wave drop down in wave III. We know that after a very powerful leg, market will make a corrective retracement which will either be simple or complex. In our case we think it’s something more complex now in wave IV if we consider recent push back to around 1.4700 that is part of ongoing wave Y in wave IV that may find a top in June somewhere near 1.4800, slightly above 50% Fibonacci retracement level. more…

Elliott Wave Analysis: Bulls Taking Over USD Index; 96.50 Zone In View

Gregor Horvat

On USD index daily chart we are observing a big sideways pattern since start of 2015; it’s slow and overlapping price action which is a personality of a contra-trend movement that can be completed now. It was a flat correction in black wave IV; a three wave structure where final wave C should be made by five waves. Well, we can see a nice decline from November of 2015 counted in five legs, but as an ending diagonal. That’s a reversal pattern which may send price into a strong bullish mode in the second part of this year, after recent recovery above 95.22 and through the red trendline resistance. That said, be aware of more gains ahead. more…

Elliott Wave Analysis On GBPUSD And AUDUSD

Gregor Horvat

able is not showing us any clear and strong bearish waves yet, so market can still be in intraday consolidation phase. We are looking at an expanded flat in wave 2) which may look for resistance after wave C, near 1.4540-1.4570 area. If from any reason price will decline sharply to 1.4300 then this could be considered as wave three in progress. But anyhow, we think that sooner or later cable will fall to much lower levels while it trades beneath 1.4769. more…

Elliott Wave Analysis On Silver And EURGBP

Gregor Horvat

Silver spiked up to 161.8% Fibonacci extension level of wave 1 measured from wave 2, which is the most important projection for wave 3. Notice that price turned immediately lower after that level was touched earlier, so we can say that price is now in wave 4 pullback which may look for a support once again near 17.60. If from any reason price will go straight down beneath 17.41 then overlap with wave 1 will suggest that top is in place, but temporary only since trend on higher time frames look very bullish. more…

Elliott Wave Analysis On GBPJPY And EURUSD

Gregor Horvat

US trading is about to begin in a few minutes. GBPJPY fell from our indicated levels since we recognized wave B flat pattern. Now we are already in the latest stages of the wave C to lower levels. We expect one more minor corrective pullback in wave C with resistance near 159.90 levels and afterwards a continuation to around 156.80-90 where support for wave C can be found and a possible turning point can occur. more…