Inverted Head and Shoulder pattern in the Gold Daily chart after completing 5 waves down to our 1135 target from the Weekly symmetrical triangle breakdown. We are currently testing the neckline at 1227.15 ish, so today's close will be watched closely. Targets for the pattern sit at 1291 minimum with 1347 the final target of the pattern.
Monday 12 January 2015
Saturday 13 December 2014
Where to next for WTI Crude?
We are into the 70.7//78.6 zone (59.44/52.15) which is a favorite bounce zone for crude.Whilst Im absolutely crap at EW, it appears that we are in W3 of 5, expect W3 to complete at 2.618 of W1 which sits at 52.73, just shy of the 78.6 at 52.15.Immediate resistance sits at 61.275 the 50% of this weeks Marabuzo candle then above at 70.39. Ideally should W3 complete at 52.73 with the W4 retrace targeting the 38.2 of W3 at 73.72 before the final leg to 45.43 which would complete both the EW pattern and the measured move target from the breakdown of the symmetrical triangle.
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