CPI in Eurozone came lower again which goes in favor of ECB reaction. I wanted to show you here one more option on gold in anticipation of a downside correction on U.S. indices. We expect flat correction which means 5 waves down after 3-3 up. So same on gold is possible to the upside in attempt of investors to seek refuge from falling stock market. We need 5 waves up to confirm low signature.
Gold 4-hour Elliott Wave Analysis
Wheat futures are just about to close the gap before reversal is possible on the long side. If this is flat or abc down is not so important. In both cases we expect reversal from gap area/red lines/. Here, 4 h chart gives better perspective. Goes well with commodity market higher.
Wheat 4-hour Elliott Wave Analysis