Euro fell to a 21-month against the dollar at writing, continuing its bearish impulse as planned. Although the 5w move is complete, Fibo guidelines suggest further downside in what seems to be turning into an extended wave three.
The price of oil hit a 10-year high in today’s trading session, up more than 20% this week. The structure is confidently impulsive upward but likely in its final 5th wave up. How long can it keep extending for?
Gold, on the other hand, has not followed through. Upside gains have been minimal at above 3% compared to crude, but they could spike up once more based on the metal’s short-term price action. However, let’s not forget that the main scenario sees gold in a corrective structure.
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Daily Elliott Wave Forecast: EURUSD, WTI, GOLD (02.03.22)
Euro fell to a 21-month against the dollar at writing, continuing its bearish impulse as planned. Although the 5w move is complete, Fibo guidelines suggest further downside in what seems to be turning into an extended wave three.
The price of oil hit a 10-year high in today’s trading session, up more than 20% this week. The structure is confidently impulsive upward but likely in its final 5th wave up. How long can it keep extending for?
Gold, on the other hand, has not followed through. Upside gains have been minimal at above 3% compared to crude, but they could spike up once more based on the metal’s short-term price action. However, let’s not forget that the main scenario sees gold in a corrective structure.
Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.
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