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How To Buy Gold For $3 An Ounce

A Bottom in GOLD and a Top in CRUDE!

Commodities / Commodities Trading May 09, 2018 - 11:54 AM GMT

By: Enda_Glynn

Commodities

UPCOMING RISK EVENTS:

USD: PPI m/m, Core PPI m/m.
EUR: N/A.
GBP: N/A.
JPY: N/A.


GOLD


My Bias: Long to a new all time high above 1827.
Wave Structure: Impulse structure to a new high.
Long term wave count: wave [iii] above 1666.

GOLD has been very quiet of late,
Even todays announcement by the U.S administration to scrap the Iran deal,
has had little impact on GOLD traders!
The evidence all points to a contracting triangle,
Where the range contracts and pressure builds for the final move down in wave '5' of  an abc correction wave.

Tomorrow;
Wave '4' cannot last forever!
I expect wave '5' will come tomorrow with the likely target remaining at 1295.

Once this larger correction completes in wave [ii], GOLD will then begin possibly the largest run up in prices in its history!

This one is worth waiting for.

U.S CRUDE OIL

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 $70

Has crude topped out for the long term?
It sure looks like it might have according to this elliott wave pattern.

The decline off the high could be interpreted as a possible wave (i) grey.
The rally of todays low is in a clear three waves so far.
So, that qualifies a wave (ii) grey.

Todays low reached 67.63 cash.
A further decline below that level,
which carries on below 66.37 at key support will be the decider for crude.

Mondays high at 70.74 must hold to stay within the elliott wave rules,
but the early signs are good.

Tomorrow;
watch for that three wave pattern in wave (ii) to hold at 70.40.
And a further decline to kick off a possible wave (iii) grey.

If this market has now turned,
Then we are in for a serious decline phase ahead.

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.

© 2018 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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