Crude oil hit new lows yesterday so the structure has changed, but it's still corrective which is the most important so we know that next impulsive reaction should be to the upside. We are now looking at the updated labeling with a double zigzag down from 107.35 in wave (iv) that can be near completion. However, a break of the corrective channel and move above 106.07 swing is needed before we can confirm wave (v) up to 108.00.
Crude Oil (August 2014) 1h Elliott Wave Analysis
Gold did not move much in the last 24 hours so our bias remains unchanged, we are looking at incomplete wave v) that may extend gains up to 133571340 in the short term, out of current sub-wave iv. However, metal seems to be in final stages of wave (a) so we could see a top formation by the end of this week.
GOLD 1h Elliott Wave Analysis
Interested in our analysis? Get now 1 month of full service for just 1€. http://www.ew-forecast.com/service
