We know that after every five wave move, a correction follows 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 the market is now forming a pull-back; an a)-b)-c) move back to the former wave four zone placed at 108.57.
On GOLD we can see that prices reached the $1430 level which was highlighted yesterday in our members area.
From here we can already see some bearish pressure coming in, so the market could form a temporary top very soon if we consider a five wave move up in black wave iii, which means that a corrective set-back in wave iv towards 1406 of a former wave four could be in the cards.
However, the larger trend remains up so keep an eye on that 1406 figure for a possible bounce.Get the 5 most predictable currency pairs