Bearish Gold Trending To 1210-1215, Oil May Fall To 89-90 Before Correct
CommodityOnline | Sep 16, 2014 04:58AM ET
Crude is again threatening the lows so we adjusted the wave count as decline from 96, which we think it's wave five, can be expanding and not ending diagonal.
On Gold we are looking for a five wave move in progress from 1296 that can be fifth wave of a larger five wave move. However that leg may not be done yet as we see prices now in corrective wave iv, so levels can be reached around 1210-1215 by the end of the week. We see bearish trend, but break above 1258 followed by 1272 could be a trend changer.
Crude is again threatening the lows so we adjusted the wave count as decline from 96, which we think it's wave five, can be expanding and not ending diagonal. With hat said, we see a correction coming up in wave 2 in three sub-waves but probably from a new low, which means that 89-90 level can be seen before market turns up for a correction.
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