Elliott Wave Analysis: Crude OIL and GOLD
Crude oil is moving sideways since December, so we are very confident that this is just a contra-trend move within higher degree uptrend. The only question is where correction will end. Based on latest substructures and triangle pattern we suspect that this is still ongoing wave B) with sub-wave E in motion. That said a reversal lower into wave C) may be expected to follow in sessions ahead.
Crude OIL, 4H
GOLD
Gold has turned nicely bullish a month back with clean five waves up from 1120 area, which means that trend has changed from bearish to bullish mode. However, nothing moves in straight lines so drop from January highs down to 1180 was not a surprise; a contra-trend move in three waves that can represents a completed wave 2. That said, looking at the updated count we can now see trend resuming the uptrend, so be aware of even sharper price action after wave 2) pullback to 1200-1207 area.
GOLD, 4H
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