OIL last jump

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ANALYSIS

WTI OIL (now at 104.08) might re-visit the support area at 103.94-55 before heading to 110.86-111 and 114.80 (probably after Independence Day).


TARGETS

first down to the area at 103.94-55
then
likely: 110.86-111.00
possibly: 114.80
maybe: 121.58-122.00

ELLIOTT WAVES

The daily chart shows that the OIL has almost completed waves 1-2-3-4 (in black). It will be ready to start minor wave 5 up which has room and strenght to get up to $110.86-111 and 114.80.


NOTE

This would complete the whole set of waves up - both of a major and minor degree - setting the stage for a new major downturn.

Weekly chart, click to enlarge

 Daily chart, click to enlarge

Wave Oscillator on a daily chart, click to enlarge

4-hour chart, click to enlarge

1-hour chart, click to enlarge

Gold topping soon?

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GOLD - ANALYSIS

As I said in my last newsletter about Gold (now at 1326.83), after the CBCA agreement in May, the message from the 20 major banks is very clear: European gold sales are over.

I also said that this is supposed to happen only around September 2014 when the fourth GBCA is going to be enforced.

Meanwhile, Gold should move up the area 1336-48 and then reverse down to the area 1164-54 (or lower) in 5 smaller waves to establish a primary low.

Equal probability for the other targets further down at 1089 and around the area at 1043-1032.

After all of this, it should resume the major trend up.


ELLIOTT WAVES

Note that I came up with a better wave configuration in the weekly chart. However, this didn't change targets and perspectives. Gold must complete the last wave down before resuming the major uptrend.

See the 4-hour chart: wave 1 down is completed. Wave 2 up is almost completed. The green horizontal lines in the daily chart represent the immediate targets of wave 2. After reaching the target, wave 3 should unfold downwards. 



TARGETS:
first to 1346-1348
then
likely: 1164-1154 (to form a triple bottom)
possibly: 1089 (to reach the theoretical fibo target)
maybe: 1043-1032 (to sit on the primary support)





Weekly chart - click to enlarge

Daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge