Elliott Wave Analysis For GOLD And OIL
GOLD Four Hour
Gold is now above 1300, making an extended leg from 1251, triangle low. Notice that we have adjusted the wave count but actually massage is the same; we see a corrective advance from 1181 now moving into 1300-1315 resistance. We are observing more simple count 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 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
OIL Four Hour
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 91.18 low. We know that after every five wave market will move in opposite direction in minimum three legs. So we anticipate a retracement in wave B ideally back to 97.00 area, probably next week.
OIL 4h Elliott Wave Analysis