Elliott Wave Analysis On Crude OIL And GOLD
Crude oil is trading higher, after breaking above 35.94 at the start of the month which suggests that wave four can be making a flat correction. That’s a 3-3-5 pattern, so leg up from 28.69 should then unfold as a five wave movement. At the moment we should continue to look for more gains within wave C then, as current reversal down appears to be a flat in wave four so traders must be aware of a new bounce higher, ideally from around 35-36 area while 34.14 region should not be breached.
Crude OIL, 4H
Gold has been trading higher recently but rally up from 1190 was very overlapping so we assume it was corrective wave B) as part of a complex correction in wave 4 which can be a flat. Notice that in the last 24 hours price also took out the lower trendline of an upward channel where breakdown puts more weakness in play. As such we will look even back to 1190, where wave A) and 38.2% could together form a very nice and important “bounce zone” for gold prices.
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