Crude oil and Gold

Intermediate

Crude oil is unfolding a clear, five-wave recovery from June lows which are characteristic of an impulse. We specifically see price at the end of wave 3) which is already showing signs of a completion at 75.23 level, from where a new intra-day drop followed yesterday. This dip to 72.60 can be wave A as part of a bigger correction within an uptrend, that can look for support and a turn higher around the Fibonacci ratio of 38.2.

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Crude oil, 4h

crude oil

Gold is turning sharply higher now breaking above the trend line of an Elliott wave channel, which suggest that a five-wave drop from 1310 can be ending. However, a bullish turn that we are seeing right now may not be start of a new bullish cycle, but rather just an a-b-c rally for wave four which may look for resistance somewhere around 1270.

Gold, 4h

GOLD july 04

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia (Central Europe) and has been active in the Forex market since 2003. He is a technical analyst and individual trader who also provides articles and trade plans ba...continued

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