Crude Oil rallied to $52. Gold is making a good way upside. Just as we forecast in the last update on 22 September. Let’s look at the new update covering the intraday Elliott wave analysis of Gold, Silver and Crude oil.
26 September Crude oil Elliott wave analysis
Crude oil rallied to $52 per barrel yesterday just as we expected. Another perfect forecast supporting the bullish trend. let’s continue from the last update where the chart below was used.
It’s highly likely that there is a formation of a double/triple zigzag upside to $52-$53. In the long term, price is still largely sideways in a triangle pattern. The chart above shows a double zigzag pattern extending to $52-53
Our preferred forecast is playing out perfectly. The chart below is what we have now.
Will the rally extend to $53?. It’s much likely. A dip could happen soon to complete the larger degree triangle unless the bullish momentum spikes above $53-$54.
26 September Gold Elliott wave analysis
Gold was expected to break upside after showing signs of completing a corrective wave. The chart below was used in the last update.
A double zigzag is forecast to break above 1357.5 top. The second leg, wave (x), of the double zigzag is sitting on a strong support at 1290. If price breaks above the channel, there may be more rally toward 1400. A break above 1316.35 is a better confirmation of the bullish resumption.
This statement is playing out well. We could see price resuming the bullish trend to 1400. The chart below shows what we have now.
Price broke out of the corrective channel and now quickly making a pullback. The first confirmation is done. The second and final confirmation is a break above 1316.35. This view will be invalid if price breaks below 1286 corrective wave bottom.
26 September Silver Elliott wave analysis
We used the chart below in the last update.
If this wave count is correct, an impulsive intraday wave downside which could complete at any of the next support level – 16.5 or 16.06 is likely. A 3-wave corrective rally could be seen at the end of the impulse wave before price continues downside.
There were two supports levels at 16.53 and 16.06. We thought price might get to any of these levels especially 16.53 before making a correction upside. Price dipped further but slightly held by the wave iii low (in blue). The chart below shows what we now have.
If this wave count is correct, wave v low (in blue) should be held and price rallies with a corrective wave upside. Looking for a bearish opportunity at the end of the correction will be ideal. Alternatively, the rally to 17.24 could still be part of wave iv (in blue) and price making a dip down to 16.53. If this scenario plays out, a 3-wave correction upside should still be expected and a bullish intraday opportunity.
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