Crude Oil Targets $81-82 This Week, Gold Witnesses Corrective Advance
CommodityOnline | Oct 13, 2014 08:11AM ET
Crude oil found some support on Friday, but not for long as rally was just a minor fourth wave within ongoing extended wave (iii) that can be targeting 81-82 area this week. From a trading perspective it may be worth to keep an eye on blue wave (iv) to join the downtrend while 88.00 is in place.
Crude OIL (Nov 2014) 1h Elliott Wave Analysis
Gold is up as stocks are down, but despite some solid recovery from 1182 low we see move as a corrective advance. The reason is an overlapping price action within a trading channel that looks like a correction. Therefore we would not be surprised by a bearish turning point. However, bears can be confirmed only by a price; in our case that would be an impulsive drop from the high and through 1216 and 1204 figures
GOLD 1h Elliott Wave Analysis
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