Gold and Oil – Longer Term

Here are the longer term Elliott Wave projections for Gold and Oil (as at Dec 23, 2016)

Above is the weekly chart for Gold. We’re showing a large (yellow) A wave down to about 1050, ending with an ending diagonal. We’re now working on an ABC wave up (a larger (yellow) B wave), which should top at around either the $1586 or $1488 level. Then we should head down to the previous 4th wave level as low or lower than the $750.00 level. Based on the time it’s taken for the A wave to form, we’re looking at about 5 years at least for this entire move.

Above is the 2 day chart for oil. We’re in the midst of tracing out a fourth wave triangle. We’re currently at the top of the C wave, ready to drop down in 3 waves to about $33.00 to complete the (blue) D wave. A (blue) E wave wound unfold next, again in 3 waves, before we get a final wave down in 3 waves to a new low. The low should hit at least $25.00 and may end up going lower.