Elliott Wave Analysis for GOLD and OIL
Gold is now above $1,300 per oz., making an extended leg from the $1,251 triangle low. Notice that we have adjusted the wave count but the message is the same; we see a corrective advance from $1,181 now moving into $1,300-$1,315 resistance. We are observing more simple counts now, a zigzag with a triangle placed in wave (b). We also know that this wave (b) pattern CANNOT be labeled as wave two, because triangles never occur in a wave two position. So because of that we are even more confident that rally is a contra-trend and that gains will be limited.
GOLD 4h Elliott Wave Analysis
Crude oil has been trading nicely higher for the last few days, towards our $100-$101 projected target where we expect a top formation for wave A after five waves up from the $91.18 low. We know that after every five wave move the market will move in the opposite direction in minimum three legs. So we anticipate a retracement in wave B ideally back to the $97.00 area, probably next week.
OIL 4h Elliott Wave Analysis
Written by www.ew-forecast.com