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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.

oil 28 2013 1h Elliott Wave Technical Analysis for commodity and currency trading

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.

gold 28 2013 1h Elliott Wave Technical Analysis for commodity and currency trading