GOLD 1h Elliott Wave Analysis
We were anticipating a new low on gold yesterday because of a triangle in wave iv) and we got it. Notice that market made five waves down, so now we need to be aware of a corrective reversal in three legs. Tops and bottom are always a long process, so it may take time before market goes back above 1296 level to confirm ongoing three wave rally.
Oil is very slow Since Thursday already, which is fine as slow and overlapping price action in tight ranges usually represent a corrective price action, or a pause within larger trend. We still see current pullback from 102.20 as wave four, so sooner or later price is expected to break to a new high.
Crude Oil (May 2014) 1h Elliott Wave Analysis