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).

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Bullwaves
About the Author
Rather than seeing just the price candle that is forming now and frantically fumbling around in the dark for opportunities to enter the market that just never seem to materialize. I invest my time into finding the best trade entry point with the smallest risk reward ratio using the price patterns Elliott wave theory describes. So when the opportunity does arrive I am ready to take it. And that is a skill that I want to impart to people. I have found the wave principle an invaluable tool in my trading, the wave principle helps me see order in the chaos. And on many occasions the wave principle has helped me make absolutely stunning forecasts for the future path of asset prices. Which I have documented in my daily analysis on Bullwaves.org. This is not because I have a crystal ball, but rather, the wave model showed me what was likely to happen, given the price patterns on display.

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