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Amega Global Ltd is an investment company authorised and regulated under the Financial Services Commission, Mauritius, Investment Dealer Licence: GB22200548. Findeavour Ltd is authorised as a technology service provider to Amega Global Ltd. Company number 12971852, United Kingdom.
No services are provided to residents or citizens of the USA, North Korea, Iran, Mauritius and the Russian Federation. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read and ensure you fully understand our Risk Disclosure Policy before investing.
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Daily Elliott Wave Forecast: SPX500, WTI, GOLD (24.02.22)
Price action on the SPX500 indicates markets are still in correction mode. Bears have retaken control following a break below the most recent swing low. But it is often the case that wave four descends considerably when wave two is shallow. Can we perhaps see wave four plummeting to the 62% retracement near 3820?
Oil keeps rising towards triple digits in what seems to be a case of an impulsive 5th wave. With the irregular wave (B) most likely invalid now, there’s a bit more room to move higher, but not as much. If, however, we take into account guidelines for extensions, WTI could get to $120 over the next few days or weeks.
Gold continued its ascend and theoretically completed the upside correction. Being in wave five of the final impulse up, its upside extension could be limited too, unless another degree comes into play or if the 5th wave in wave five extends further.
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