CL_F Elliott Wave Forecast 12.28.2016

2CL 6020161227221657

CL_F (Oil) is showing an incomplete 5 swing sequence from 2/8 low ($26.02), favoring for more upside. The latest rally up from 11/14 low ($42.2) is proposed to be unfolding as a triple three where wave W ended at $49.2, wave X ended at $44.82, wave Y ended at $54.51, and second wave X ended at $49.97. The internal structure of wave Z is unfolding as a double three structure where wave (w) of Z ended at  $53.79 and wave (x) of Z has ended at 52.08. Near term, expect a pullback to correct the … [Read more...]

CL_F Elliott Wave Forecast 12.27.2016

2CL 6020161227094517

CL_F (Oil) is showing an incomplete 5 swing sequence from 2/8 low ($26.02), favoring for more upside. The latest rally up from 11/14 low ($42.2) is proposed to be unfolding as a triple three where wave W ended at $49.2, wave X ended at $44.82, wave Y ended at $54.51, and second wave X ended at $49.97. The internal structure of wave Z is unfolding as a double three structure where wave (w) of Z ended at  $53.79 and wave (x) of Z is in progress towards $51.38 - $51.72 area before CL_F resumes the … [Read more...]

Silver XAGUSD Elliott Wave Forecast 12.16.2016

2XAG-6020161215133856

Short Term XAGUSD Elliott wave forecast suggests that the rally to 17.25 ended wave X. Decline from there is unfolding as a FLAT where wave (a) ended at 16.64, wave (b) ended at 17.21 and wave (c) of ((w)) is expected to complete soon although marginal low is still expected towards as low as 15.8. Afterwards, the metal is expected to bounce in wave ((x)) to correct cycle from 12/7 high (17.22) before the decline resumes. We don't like buying the proposed bounce and expect sellers to appear again … [Read more...]

AUDUSD Elliott Wave Forecast 12.15.2016

11AUDUSD 6020161214220621

Short Term AUDUSD Elliott wave forecast suggests that the decline to 0.7306 on 11/21 low ended wave (X). Up from there, pair is rallying as a double three structure where wave ((w)) ended at 0.749, wave ((x)) ended at 0.736, and wave ((y)) of W is proposed complete at 0.7525. Pair is currently in wave X pullback to correct cycle from 11/21 low in 3, 7, or 11 swing before turning higher again. Internal of wave X is unfolding as a zigzag where wave ((a)) ended at 0.738, and wave ((b)) bounce is … [Read more...]

AUDUSD Elliott Wave Forecast 12.14.2016

11AUDUSD 6020161214082019

Short Term AUDUSD Elliott wave forecast suggests that the decline to 0.7306 on 11/21 low ended wave (X). Up from there, pair is showing a 5 swing sequence from 11/21 low and suggest more upside. Rally from 11/21 low is unfolding as a double three structure where wave ((w)) ended at 0.749 and wave ((x)) ended at 0.736. Wave ((y)) is currently in progress and also unfolding as a double three structure where wave (w) ended at 0.7508 and wave (x) ended at 0.7425. Near term, while pullback stays … [Read more...]

CL_F rally will benefit Canadian Dollar

CADCHF Daily20161214001543

In November 30, the OPEC members agreed to cut oil production by 1.2 million barrels causing a 9.3% rally in CL_F. Since then, U.S. crude futures continued to rally and took out the previous high of the year made on October 18 at $50.78. We've suggested that from technical point of view, CL_F is showing a daily Elliottwave sequence of 5 swing, which favors further upside. Below is the chart we posted on Dec 4th article titled "Oil Elliottwave sequence is bullish" With the break … [Read more...]