"All human activities have three distinctive features: pattern, time and ratio - all of which observe the Fibonacci Summation Series" (R.N. Elliott - "Nature's Law - the Secret of the Universe" - 1946)


Saturday, November 17, 2012

SPX - Intermarket analysis: GOLD and CRUDE OIL

GOLD

Preferred scenario;  from the previous post of November 3, intermediate wave (2) is over (with a minor zig-zag a-b-c and a very short wave c); now,  minute wave 2 of minor wave 1 of intermediate wave (3) is ending; I'm waiting for a bottom in 1700 area.
The count is invalidated in 1672.

 
 CRUDE OIL

Analysis is changed since the last post (November 3).
Crude Oil is struggling to get off, it seems to be a diagonal pattern, unless it accelerates downward within the next week.
Preferred scenario; wave 1 minute is ending, then bounce in wave 2; intermediate trend still bearish;
First alternate count: the decline started last March 1 is a minor zig-zag a-b-c and wave c is ending, this would mean that the intermediate wave (c) is over, and a new uptrend resumes.


Have a great weekend!

ElwaveSurfer

No comments:

Post a Comment