According to our recent Elliott Wave analysis on the Aussie dollar/Japanese yen currency pair shows there's a decline to 89.14 in completed wave (W), and pair has since bounced in wave (X) from this level.
We see a rally in the dollar/loonie currency pair today from wave (X) low at 1.212 is unfolding in triple corrective structure WXYZ where wave W ended at 1.2423, wave X ended at 1.23, wave Y ended at 1.263, and second wave X ended at 1.2537.
Combined with last week’s technical breakdown below 57.00, traders took these comments as a green light to drive WTI down to a low near 52.00 so far. “Black gold” is now testing the 50% Fibonacci retracement of its entire Q2 rally at 52.30, but if that level gives way, a continuation down toward the 61.8% retracement near the psychologically-significant $50 level could be next.
In this interview with The Gold Report, Sprott USA Holdings CEO Rick Rule and Stansberry & Associates Investment Research founder Porter Stansberry—the men behind the upcoming Sprott-Stansberry Vancouver Natural Resource Symposium—share their strategies for picking good companies no matter what happens on the political front.