Elliott Wave Analysis On Crude OIL And GOLD
Crude OIL
On the 4h chart of crude oil we can see a very deep retracement from 49.35 to 43.00 but still in three waves which means that it can be a corrective move. An updated count shows idea of wave two pullback that bounced from important 61.8% Fibonacci retracement level and turned up to 46.38 where overlap confirms a bullish view. As such, we will expect even more gains now as wave 2) pullback appears completed.
Crude OIL, 4H
GOLD
An updated chart on Gold shows a deep three wave contra-trend move; an A)-B)-C) set-back that now clearly appears finished after another bullish push to around 1350 level in the last 24 hours. Whole leg up from 1302 low is very strong and much sharper than any bearish leg within a pullback from 1375 highs. As such, we think that money is on the bullish side now and that market will continue even higher after any short-term retracement which should represent a minor correction within uptrend. Next solid set-back will be a black wave 4 that may show up from around 1356-1364 short-term resistance levels.
GOLD, 4H
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