Expect some further strength to complete a double corrective structure for wave X before the metal turns lower again. There is strong confluence of resistance between 3.25 – 3.27 and ideally price should stay below 3.35 but only a break of 3.42 would negate this wave count.

A cycle is coming to an end and expecting at least a temporary peak to form soon. Break of 106.12 will add more conviction to this view. We don’t like selling Oil until it shows a clear 5 wave decline from the high.

Metal is still correcting the entire decline from 3.42 peak. 50 fib (3.20) has been tested but another leg higher 61.8 fib (3.25) is still expected to complete wave X before the  red metal turns lower again.

Metal is still correcting the entire decline from 3.42 peak. 50 fib (3.20) has been tested but another leg higher 61.8 fib (3.25) is still expected complete wave X before metal turns lower again.

Decline from 1268 peak has so far been corrective but only appears to be in 1 swing. Recent recovery was also corrective, so we still like a test of 1214 to complete wave (( b )) the next leg higher.

While below 1257, expect a new low below LOD (1224) to complete wave (( iii )) before we get wave (( iv )) pullback in the metal and lower again. We don’t like buying into proposed wave (( iv )) pullback and strategy remains to sell the rallies. Wave (( iv )) corrective targets will […]