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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

A Pivotal Week For Gold And Crude Oil

Commodities / Commodities Trading Dec 14, 2017 - 12:58 PM GMT

By: Enda_Glynn

Commodities

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.


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).

WANT TO KNOW the next big move in the Dollar, GOLD and the DOW???

Check out our membership plan over at Bullwaves.org,

You can see into the Elliott wave future every night!

Enda Glynn
http://bullwaves.org
I am an Elliott wave trader,
I have studied and traded using Elliott wave analysis as the backbone of my approach to markets for the last 10 years.
I take a top down approach to market analysis
starting at the daily time frame all the way down to the 30 minute time frame.

© 2017 Copyright Enda Glynn - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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