Correcting Down :
The market selloff has accelerated down, as anticipated. The decline of Minute-degree wave ((iii)) would be extending in its third wave now.
The expected target remains intact at 1213.2, where the wave ((iii)) will achieve the 1.618 times of the length of diagonal as wave ((i)).
Correcting Down :
Gold should have completed the Minute-degree correction in wave ((ii)), on the Fibo 0.618 retracement level. A corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.
The market selloff would accelerate down (through 1213.2), in an extending third-wave of Minute degree of A.
Correcting Down :
On the Intraday charts, Gold could have completed the Minute-degree correction in wave ((ii)), on the Fibo 0.5 retracement level.
A corrected leading diagonal (to the downside) after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.
Bullish Outlook :
The Crude Oil’s bear market could have concluded by Minor-degree extended wave C, in the February extreme-low at 26.05.
Technically, in the weekly frame a five-wave structure of Minute-degree to the upside will confirm the medium-term bullish case.
Bullish View :
As shown on the quarterly chart below, Oil could have started its countertrend rally in Intermediate wave (C) of a flat correction as Primary wave ((B)) since the February low (26.05).
The medium-term rally will carry the price above 103.42 likely in 2 or 3 years ahead.
In the Intraday charts, Gold is correcting up in Minute-degree wave ((ii)) after tracing out a leading diagonal as the same first-wave down.
A leading diagonal to the downside after an uptrend which resulted in an ending diagonal(of one larger degree), would suggest an excellent setup for short position.
Medium-term Uptrend :
The Gold’s 25% countertrend rally(in a five-wave structure) that started in early-December, should be first portion of the process of correcting up in the Primary wave ((B)). Subsequently, Intermediate wave (A) would be corrected now in its same degree wave (B) (potentially to the Fibo 0.50 retracement level).
Note : As denoted on the chart below, the wave (A)’s extreme well achieved the origin of the prior bullish diagonal as Intermediate wave (5). (technical targeting based on the patterns)
