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Elliott Wave on Crude and the USD

USD and Crude

Short Term Forecast Update

USD

The USD has completed a leading diagonal and is currently in a wave (2) correction. The current wave up is close to completion and we should see one more wave down to complete wave (2) down. Once this wave down completes, we should see a strong rally in wave (3) up.

Crude

Crude is currently in a wave (2) correction in wave [5] up. We should see minor downside to the 130 area before a strong rally in wave (3) up. Once wave [5] up completes we should see a sharp decline in Crude and a strong rally for the USD. We are expecting a big reversal day to signal the top of the rally for Crude in our target area of 150-155.

The metals are also aligning for a sharp decline after the USD completes wave (2) down.

 

USD

Crude

These charts are only a guide so that you can follow the action and watch for the expected action. The action could play out exactly as illustrated or it may need minor adjustments as we follow it through.

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