A strong recovery on crude oil from 42.00 has unfolded in an impulsive manner, so can either be wave 1) or A) that is still part of a three wave recovery. That said we will now expect more upside to follow, as the recent three wave decline to 44.00 can be finished around 61.8% fib level. That said, the market can rally even up to 49.00 where the third leg would be equal the first leg.
Crude OIL, 4H
Gold can be trading at the start of a minimum three wave reversal higher, after a potential base had been found for the previous wave C. If that is the case, then we will see more gains unfold in the next couple of days, but as always, we need to focus on minimum expectations and with this we mean a minor five wave rally from the lows and a breach above the previous swing of wave 4 at 1228 level. A break out of a channel line would be another indication, that bulls are taking over.
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