Will Crude Oil rally further after the end of the recent intraday bearish correction?. How far will Gold and Silver go?. The following looks at the idea of buying Crude at pullback based on 17 July Gold, WTI Crude intraday Elliott wave analysis
17 July AtoZForex - The commodity market was dominated by the bulls last week. Gold Silver and Crude gained significantly. There is strong possibility that the rally will continue. At the opening this week, Gold and Silver resumed the bullish run while Crude oil is having a bearish correction. What more can be said about these commodities on the intraday perspective based on Elliott wave theory?
17 July Gold, WTI Crude intraday Elliott wave analysis
Price rallied last week after completing a zigzag pattern at around $43.5. An impulse wave is expected upside if price stays above $53.5. A break above $47.5 is very likely and expected to take price to the region of $50. At the intraday level, recent bearish correction could give another opportunity for Crude Oil buyers to buy at a lower price to anticipate further rallies toward $50.
The bearish pressure is expected to slow down as price approaches $45. $45.69-$45.92 is earmarked as price reversal zone. This wave forecast will be invalid if price breaks below $44.97.
Trade Bias: Buy WTI Crude Oil between $45.69 and $45.92. Stop loss at $44.95. Targets: $46.8, $48 and $49.2
In the last update on Gold we used the chart below.
We stated in the last update as thus:
The neckline of the Head and Shoulder coincides with the breakout neckline of the channel. Once price breaks above, we won’t be surprised if Gold resumes upside and you shouldn’t be surprised too.
Since the update, price has rallied more than 175 Pips. The rally is expected to continue as shown below.
The rally has a strong potential to run to 1246.07. We can look for bearish correction at this price level. Buyers who buy low can take half profits and get more as price rallies further. Intraday updates will come in hours time. Stay tuned.
More updates will come in few hours time. Please comment your view below and don’t forget to share this article if useful to you.