We know that after every five wave move correction follow in three waves. And that’s exactly what is happening on OIL; we see a completed five wave move from 105.50 to 112.20 so market is now forming a pull-back; an a)-b)-c) move back to former wave four zone placed at 108.57.
OIL 1h Elliott Wave Analysis
On GOLD we can see that prices reached 1430 level which was highlighted yesterday in our members area. From where we can already see some bearish pressure coming in, so market could form a temporary top very soon if we consider five wave move up in black wave iii , which means that a corrective set-back in wave iv towards 1406 of former wave four could be in the cards. However, larger trend remains up so keep an eye on that 1406 figure for a possible bounce.
GOLD 1h Elliott Wave Analysis
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