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A PIVOTAL WEEK FOR GOLD AND CRUDE
GOLD
30 min
4 Hours
Daily
My Bias: Long to a new all time high above 1827.
Wave Structure: Impulse structure to a new high.
Long term wave count: wave (3) above 1666.
GOLD has given us a glimmer of hope today,
with a sharp rise after completing a possible five wave pattern in wave ‘c’ of (c).
The rise has so far traced out three waves,
So I proceed with caution here.
The alternate wave count is still very much a probability.
If the price breaks above the resistance band at 1263 – 1269.
Then we will be in line for a new bullish trend rise in either wave [iii] green or ‘3’ red,
For tomorrow;
Watch for 1245.16 to hold and a clear five waves up to be completed.
We are on the verge of a bullish Elliott wave signal here,
So this week may prove pivotal for GOLD.
U.S CRUDE OIL
30 min
4 Hours
Daily
My Bias: topping in a large correction wave [4].
Wave Structure: Double combination higher in wave [4] red.
Long term wave count: wave [4] target $63 – $70
Wave (ii) grey extended into a larger structure as suggested last night.
It seems to have taken the form of a zigzag correction lower.
In order for this interpretation to remain valid,
The low at 55.84 must hold.
The current wave count calls for another rally in wave (iii) or [iii].
with the upside potential target set at 63.00 initially.
For tomorrow;
Watch for an impulsive spike to a higher low to begin wave (iii).
