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Gold, Silver and Crude Oil Commodity Charts Elliott Wave Update

Commodities / Elliott Wave Theory Jun 07, 2011 - 12:28 PM GMT

By: Tony_Caldaro

Commodities

Best Financial Markets Analysis ArticleGold has reached another interesting juncture. While Silver tanked over 30% in May Gold held its’ own with only a 6% decline. Then after making that low in early May Gold started to rally again, and is now in another confirmed uptrend. The question now arises; Is this a B wave rally in an ongoing Major wave 4, or is Minor wave 5 now extending in this extended Major wave 3?


OEW analysis of this entire 10 year bull market suggests the latter. That Minor wave 5 is now extending. This analysis suggests the April uptrend high was Minute wave i of Minor wave 5, and the May low was only Minute wave ii. Should this count be correct Minute wave iii of Minor 5 should be underway now. And, our $1700-2200 target for Major wave 3 is still a possibility.

The more obvious count would suggest this is an Intermediate B wave rally within an ongoing, and more complex , Major wave 4 correction. Currently we are displaying this count as the primary count on the Gold charts, with the extension of Minor wave 5 as the alternate count. Should Gold break out to new all time highs the Minor wave 5 count would gain in probability.

Recently Silver’s charts, oddly enough, look more like the Crude oil charts than Gold. We’re still expecting both to complete their corrections within the light blue band posted on their daily chart.

CHARTS: http://stockcharts.com/...

http://caldaroew.spaces.live.com

After about 40 years of investing in the markets one learns that the markets are constantly changing, not only in price, but in what drives the markets. In the 1960s, the Nifty Fifty were the leaders of the stock market. In the 1970s, stock selection using Technical Analysis was important, as the market stayed with a trading range for the entire decade. In the 1980s, the market finally broke out of it doldrums, as the DOW broke through 1100 in 1982, and launched the greatest bull market on record. 

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Copyright © 2011 Tony Caldaro - 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.


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