Elliott Wave Analysis: Silver and Crude Oil
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Silver is ticking higher, now very close to our triangle measurement projected level, near 17.25 where upside can be limited as we see metal in wave 5), final leg of a higher degree wave 1. Technically speaking, we are expecting a new deeper three wave retracement before uptrend may resume.
Silver, 1h
Crude OIL
Crude oil is turning lower after yesterday’s spike above 54.29 which was only one part of a complex correction in wave 2, which is now still underway back to 52.90 support area. Despite some weakness, the wave structure and personality still suggests that this is a contra-trend move since Jan 13th and that eventually uptrend will resume.
Crude Oil, 1H
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