Elliott Wave Analysis On Crude OIL And SILVER
Crude oil has made small three waves from the lows, but normally fourth wave will retrace for 38.2% and back to the area of a former wave four, which in our case comes in around 46.00 area. That's an ideal technical resistance zone that can still be achieved before market turns lower for wave 5 of 3. But generally speaking, it's just a question of time when we will see crude at $43.
Crude OIL, 1H
Silver is moving up quite nicely at the moment, breaking above D and wave B swing highs which is an early indication of a completed triangle in wave 4). We can see a continuation higher into wave 5) now, towards 18.90 or maybe even to 19.16 projected levels.
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Basic Triangle Pattern: