Elliott Wave Blog

This is an introduction video to my long term wave count for crude oil. Come and get it!

I have switched to the alternate wave count today.
The impulsive looking rally off the fridays low seems to fit with a rally in wave ‘v’ pink as explained in yesterdays post.

The decline so far is in three waves and may have completed wave ‘a’ pink.
The low of wave ‘iv’ must stay above 1292 to remain a valid five wave structure.
So we have a good cushion at the moment.

I was looking for a further rally today to close out wave ‘5’ pink.
And after a small decline this morning,
the market rallied again and topped out at 1343 so far today.

Over the last few months I have been publishing daily about this expected rally in GOLD prices. I have LONG suggested that this current phase of the rise in GOLD, will bring the market up to the region of 1550 in a possible wave C rally. That target remains intact, BUT; 1550 may well prove [...]

Watch the reaction to Fridays selloff.
A corrective flat market will signal that a turn down is again on the cards.

Short term chart update. Normal service resumes 4th of Sept.

Its a long one this weekend,
So, go grab a beer and put your feet up!

The future for EURUSD is most deffinitely down,
in a big way.
And as we cycle through the wave count,
We are getting closer and closer to that turning point.

The price range continued to contract in GOLD today,
This market is preparing for a large move once this triangle is complete.