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GOLD
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: Long to a new all time high above 1827.
Wave Structure: Impulse structure to a new high.
Long term wave count: wave (3) above 1666.
GOLD has again broken above resistance at 1263.60, the previous wave 'a' low.
this is definitely supportive of the short term bullish stance in the wave count.
Wave '3' pink must now begin an acceleration higher towards 1299,
the previous wave 'b' high.
In order to confirm the bullish count.
On the 4hr chart,
The 200MA lies at 1272 as I write,
If the price breaks above this level it could turn the momentum tide for sure.
For tomorrow;
Watch for a break of 1272 in wave '3' pink.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
U.S CRUDE OIL
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: topping in a large correction wave [4].
Wave Structure: Double combination higher in wave [4] red.
Long term wave count: wave [4] target $63 - $70
Crude continued higher in a possible wave 'iii' pink today.
Although so far the price has not accelerated in the expected fashion.
A clear break of 59.00 will confirm the rally in the larger wave '5' has begun.
The alternate wave count still looms large over the structure,
And this will not be discounted until 59.00 is broken.
On the 4hr chart,
The price is now above the 200MA again and should use that line as a support to upside momentum.
the price has created a bullish centerline break in RSI,
And MACD is about to do the same.
For tomorrow;
watch for a break above the declining trendline in wave 'iii' pink.
If the price hits that line and falls off again,
That would constitute confirming price action for the alternate count.[/vc_column_text][/vc_column][/vc_row]