Recent commentary has been that “a possible wave count is an expanded flat, which would require a push above 59.66.” The wave count described is no longer possible but probable as crude is about to exceed 59.66. Although the minimum for wave C is just above 59.66, crude could soar as high as 71.33, which is the 161.8% extension of wave i of C.
Short-Term Forecast for Crude Oil
Long-Term Technical Forecast for Gold
Gold is oscillating between the 55 and 200 SMAs. Structure since the top at 1034 is a mess, which means that an expanded flat is probably underway. Under this count, Gold would make an unorthodox top above 1034 in wave B of the flat prior to crashing (below) 681 in wave C.
Short-Term Forecast for Gold
Long-Term Technical Forecast for Silver
Silver’s waves are quite clear. The drop from the March 2008 high to the October 2008 low was in 5 waves, indicating that any subsequent rally should prove corrective. The rally from 8.65 was corrective but the decline from 14.63 was also corrective. As such, it is likely that a complex correction is underway towards an extension at either 16.08 or as high as 19.5.
Short-Term Forecast for Silver
