Elliott Wave Analysis: Silver and Crude Oil
Silver is ticking higher, now very close to our triangle measurement projected level, near 17.25 where upside can be limited as we see metal in wave 5), final leg of a higher degree wave 1. Technically speaking, we are expecting a new deeper three wave retracement before uptrend may resume.
Silver, 1h
Crude OIL
Crude oil is turning lower after yesterday’s spike above 54.29 which was only one part of a complex correction in wave 2, which is now still underway back to 52.90 support area. Despite some weakness, the wave structure and personality still suggests that this is a contra-trend move since Jan 13th and that eventually uptrend will resume.
Crude Oil, 1H
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