Elliott Wave on Crude and the USD
USD and Crude
Short Term Forecast Update
The USD has completed a leading diagonal and is currently in a wave (2) correction. The current wave up is close to completion and we should see one more wave down to complete wave (2) down. Once this wave down completes, we should see a strong rally in wave (3) up.
Crude is currently in a wave (2) correction in wave  up. We should see minor downside to the 130 area before a strong rally in wave (3) up. Once wave  up completes we should see a sharp decline in Crude and a strong rally for the USD. We are expecting a big reversal day to signal the top of the rally for Crude in our target area of 150-155.
The metals are also aligning for a sharp decline after the USD completes wave (2) down.
These charts are only a guide so that you can follow the action and watch for the expected action. The action could play out exactly as illustrated or it may need minor adjustments as we follow it through.
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The commentary and forecasts are updated daily, including intraday commentary and chart updates. Fibonacci pivot dates and cycle analysis are also utilized to forecast reversal dates. The indices covered include the NASDAQ, DOW, S&P 500, SOX, Nikkei, DOW Transports, TSX, BSE, AORD, HSI, DAX and FTSE. Commodity charts include Copper, XOI, Crude Oil, Gold, GLD ETF, Silver, SLV ETF, HUI and/or the XAU (Gold and Silver index). Additional Elliott Wave charts cover the US Dollar (USD), EURO FXE ETF, Canadian Dollar (CAD) FXC ETF, 10 Year Treasury Note Yield (TNX), Bank Index (BKX), Central Fund (CEF), CAD Gold units (XGD.TO), Gold Corp, Pan American Silver, Newmont Mining (NEM), and Agnico Eagle Mines (AEM)
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