Crude and gold look for bearish moves

Elliott Wave Forecast

Crude oil (NYMEX:CLQ14) is rallying away from 98.64 which has been expected because of a completed five wave decline, but now recovery can already be in final stages after recent rally up to around 61.8% Fibonacci level. That's ideal level for a wave 2, so we need to be aware of a bearish turning point. An impulsive sell-off back beneath 100/101 level will be bearish signature for this market with a drop back to 98.60.

 


Oil 4-hour Elliott Wave Analysis

 

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