Elliott Wave Analysis: GOLD and Wheat Futures
CPI in Euro zone 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 US 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 4h Elliott Wave Analysis
If you like commodities here is one we monitor closely. 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 4h Elliott Wave Analysis
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