Elliott Wave Analysis On Crude OIL And SILVER

Gregor Horvat

Crude oil touched a new low before it turned back up to 47.30 so it appears that small wave four can be a flat correction and that bears are still coming into play for 46.00 area to complete an extended black wave 3. Short-term invalidation level is at 48.48; as long it holds we are looking down.

Crude Oil Hourly Chart

Metals are very strong today with silver making an extended leg up from 17.40, which is looking like a wave three that can be targeting 19.50, and then even higher after the fourth wave retracement. Invalidation level is at 17.90, as long as it holds, we are looking bullish.

Silver Hourly Chart

Source: www.ew-forecast.com