Daily Chart Crude Oil Crash Review

So far oil has performed as I had hoped, with a spike being formed today.  It’s not a long spike as I would like to see oil hit $50 and the analysts making very bearish forecasts.

Analysts are giving mixed signals which usually can send oil soaring once more. I have made a one-degree change which brings the entire bullish cycle that started in 2016 closer to another “A” wave in Primary degree.

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Gold Daily Chart Bearish Trend Continues

I’m going to keep it simple, counting down from the September highs. It’s a diagonal wave so chances are good another diagonal wave decline is going to happen.

Below and old price of $1375 would be nice but that could be a short term illusion.  In the long run, gold could hit a major double bottom at $1050 and what will be important if a zigzag has formed.

The potential to completely retrace the entire zigzag is too great to ignore. It could still be a year or more away so patience is the key.

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