So this is something that will be back in focus as the dust settled around higher US interest rates.
Crude OIL Elliott Wave Analysis
Crude oil is turning sharply down from the highs, which smells like a top formation, but as long as the price is above 85 it could be still considered as a subwave 4 correction of extended wave 5).
Looking at the 4-hour chart, we can still see a three-wave a-b-c corrective decline from the highs, however, notice that this could be also easily a five-wave drop, which can later send the price into a deeper correction. So, we will patiently waiting for an upcoming recovery; if slow in three waves, then we can expect lower levels, but if strong and impulsive, then be aware of a retest of the highs especially if the price makes five waves back above 113.84.
GOLD Elliott Wave Analysis
Gold is seen in a corrective recovery after price turned up out of a downward channel following FOMC rates decision. So it was “buy the rumor sell the news impact”, which has been expected as speculators took advantage of the hike already before the event. Corrections are made by three waves so be aware of more upside as bounce from 1895 still shows only wave a, now b, so ideally wave c sill took price back to 1970-2k area.
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