Daily Elliott Waves Forecast: GOLD, OIL, BABA! (09.05.22)

9 May 2022 Amega

GOLD started to trade sideways and short-term price action could print either an upside and or downside leg. However, this does not change the medium-term outlook, not the main count.

The triangle formation we expected for a few sessions now on WTI oil has been invalidated. This gave us the opportunity to redraw the waves and came to the conclusion that wave (4) is likely completed.

Alibaba stock has been falling for months but it started to show signs of weakness in its trend. This suggests either consolidation and another short leg down, or reversal. Which one could it be?


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