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Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

GOLD AND CRUDE SETUP IS VERY BULLISH!

Commodities / Commodities Trading Dec 21, 2017 - 02:40 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 again broken above resistance at 1263.60, the previous wave 'a' low.
this is definitely supportive of the short term bullish stance in the wave count.
Wave '3' pink must now begin an acceleration higher towards 1299,
the previous wave 'b' high.
In order to confirm the bullish count.

On the 4hr chart,
The 200MA lies at 1272 as I write,
If the price breaks above this level it could turn the momentum tide for sure.

For tomorrow;
Watch for a break of 1272 in wave '3' pink.

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

Crude continued higher in a possible wave 'iii' pink today.
Although so far the price has not accelerated in the expected fashion.
A clear break of 59.00 will confirm the rally in the larger wave '5' has begun.

The alternate wave count still looms large over the structure,
And this will not be discounted until 59.00 is broken.

On the 4hr chart,
The price is now above the 200MA again and should use that line as a support to upside momentum.
the price has created a bullish centerline break in RSI,
And MACD is about to do the same.

For tomorrow;
watch for a break above the declining trendline in wave 'iii' pink.
If the price hits that line and falls off again,
That would constitute confirming price action for the alternate count.

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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