XAUUSD - Metals & Crude Oil | Elliott Wave | November 2019
Updated
Metals & Crude Oil | Elliott Wave Patterns | November 2019
Market: Metals & Energy (WTI)
XAUUSD (Gold)
XAGUSD (Silver)
WTI (Crude Oil)
Metals & Crude Oil trading has been predictable during the 2nd and 3rd quarter of 2019.
I've been able to ride the bullish impulse, but also to call the tops and get ready for the corrective phases.
Metals Recap
May 2019: Bullish Impulse starting points
"Gold & Silver | Buy Orders | Market Entry | May 2019"
July 2019: Riding the 5th wave
"FX Majors & Metals | Reversals | July 2019"
August 2019: 5th wave tops v.s. Corrective Phase start
"Gold & Silver | Intraday Buy Orders | Aug 2019"
"XAUUSD (Gold) - Intraday Signal"
Since then, the past three months have been a bit difficult when it comes to charting, but not that hard.
I've been able to successfully track the complex corrective structures, take advantage of them, but also share them frequently with my traders.
Metals & The Juncture
September 2019 came into play, and so did the Gold Bears.
It is without a doubt that the the bearish structure is in fact a corrective one, in fact it's a Double Three.
This pattern is approaching the August lows and the Points of Interest, some important Fibonacci Levels, but also showing multiple Reversal signs.
The next best interpretation and the most likely next swing would be bullish, regardless if the bearish structure would become more complex or if this would be an actual bottom.
Questions: How far, how fast?
In the following lines, I will be giving you more clearance on the actual patterns, technical wise, and then pave the way for this months's trading triggers.
Simply put, Metals & Crude Oil are about to move IMO, with Gold & Silver showing bullish potential, but with WTI showing signs of weakness ahead.
Metals & Crude Oil | Elliott Wave Patterns
XAUUSD - 2H Chart (picture)
XAUUSD - Elliott Wave Technical Analysis
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Zig-Zag
- Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
- Intermediate (X) (purple): Contracting Triangle with a 3-3-3-3-3 sequence in its Minors ABCDE (turquoise)
- Intermediate (X) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
Due to Minor A (red) unfolding as a "five", one would assume that a bullish sequence is awaiting its turn.
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
Current Position & Pattern:
- Impulsive 5-swings sequence in Minor A (red), 4th to 5th wave final stages
Expected Swing:
- Minor B (red), Bullish Structure
To be noted that a bottom could also be forming, therefore, Minor B (red) should show a 3-swings structure, and not an impulse.
If the swing on the up-side would be impulsive, then Minor C (red) might not unfold, and the view would remain bullish until new 2-3 months highs.
Technicals & Confirmations:
- 78.6% Fibonacci Retracements of Intermediate (5) (green)
(August-September 2019 bullish swing)
- 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
- 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
- Bullish Divergence at Support
- Bullish Harmonic Structure: AB=CD
- 1435.00 - 1415.00 range is a Point of Interest
Many pips ahead!
Market: Metals & Energy (WTI)
XAUUSD (Gold)
XAGUSD (Silver)
WTI (Crude Oil)
Metals & Crude Oil trading has been predictable during the 2nd and 3rd quarter of 2019.
I've been able to ride the bullish impulse, but also to call the tops and get ready for the corrective phases.
Metals Recap
May 2019: Bullish Impulse starting points
"Gold & Silver | Buy Orders | Market Entry | May 2019"
July 2019: Riding the 5th wave
"FX Majors & Metals | Reversals | July 2019"
August 2019: 5th wave tops v.s. Corrective Phase start
"Gold & Silver | Intraday Buy Orders | Aug 2019"
"XAUUSD (Gold) - Intraday Signal"
Since then, the past three months have been a bit difficult when it comes to charting, but not that hard.
I've been able to successfully track the complex corrective structures, take advantage of them, but also share them frequently with my traders.
Metals & The Juncture
September 2019 came into play, and so did the Gold Bears.
It is without a doubt that the the bearish structure is in fact a corrective one, in fact it's a Double Three.
This pattern is approaching the August lows and the Points of Interest, some important Fibonacci Levels, but also showing multiple Reversal signs.
The next best interpretation and the most likely next swing would be bullish, regardless if the bearish structure would become more complex or if this would be an actual bottom.
Questions: How far, how fast?
In the following lines, I will be giving you more clearance on the actual patterns, technical wise, and then pave the way for this months's trading triggers.
Simply put, Metals & Crude Oil are about to move IMO, with Gold & Silver showing bullish potential, but with WTI showing signs of weakness ahead.
Metals & Crude Oil | Elliott Wave Patterns
XAUUSD - 2H Chart (picture)
XAUUSD - Elliott Wave Technical Analysis
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Zig-Zag
- Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
- Intermediate (X) (purple): Contracting Triangle with a 3-3-3-3-3 sequence in its Minors ABCDE (turquoise)
- Intermediate (X) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
Due to Minor A (red) unfolding as a "five", one would assume that a bullish sequence is awaiting its turn.
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
Current Position & Pattern:
- Impulsive 5-swings sequence in Minor A (red), 4th to 5th wave final stages
Expected Swing:
- Minor B (red), Bullish Structure
To be noted that a bottom could also be forming, therefore, Minor B (red) should show a 3-swings structure, and not an impulse.
If the swing on the up-side would be impulsive, then Minor C (red) might not unfold, and the view would remain bullish until new 2-3 months highs.
Technicals & Confirmations:
- 78.6% Fibonacci Retracements of Intermediate (5) (green)
(August-September 2019 bullish swing)
- 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
- 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
- Bullish Divergence at Support
- Bullish Harmonic Structure: AB=CD
- 1435.00 - 1415.00 range is a Point of Interest
Many pips ahead!
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Trade active
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Where is XAU now?1500 target reached!
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