Yacine, it looks to me like Crude and Gold have traced expanding diagonals now...completing them in a fifth wave that ends in an ending diagonal triangle going up.
Now, I'm puzzled about this, but it's possible, although rare, that this is a wave 1 of a large correction, or resumption of the bullish cycle in gold and crude.
Let me illustrate, I think you're on to something here my friend. (I remember you saying that you thought crude would trace an expanding diagonal wave 1 as a bottoming pattern way back when we were in wave 1-2 stage after a fifth completion of the decline from the top).
If you can, dig that chart up, it's buried now...
I'm a bit perplexed because I don't think the dollar index rally is done yet, looks to be in a large degree wave 4, which is complex in contrast to the second wave from the triangle bottom thrust up in the weekly/monthly.
How can this correlate with a bottoming crude and gold when they are dollar priced assets?
IvanLabrie
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YaKa
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Gut feeling: laborious but it will end up crossing above 1235.
mike1v
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If it crosses 1235/50 it should get to 1300+ Then...who knows.
YaKa
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yes. it could shoot to 1300 and trigger some stop buys but after it is complex to know what would happen.
The most complex is 1440 and falls again.
Now, I'm puzzled about this, but it's possible, although rare, that this is a wave 1 of a large correction, or resumption of the bullish cycle in gold and crude.
Let me illustrate, I think you're on to something here my friend. (I remember you saying that you thought crude would trace an expanding diagonal wave 1 as a bottoming pattern way back when we were in wave 1-2 stage after a fifth completion of the decline from the top).
If you can, dig that chart up, it's buried now...
I'm a bit perplexed because I don't think the dollar index rally is done yet, looks to be in a large degree wave 4, which is complex in contrast to the second wave from the triangle bottom thrust up in the weekly/monthly.
How can this correlate with a bottoming crude and gold when they are dollar priced assets?