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Elliott Wave Analysis of Copper (HG) & Oil (CL)


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#1
Nouf

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Both markets appear to have declined in 5 waves, so i suspect a 3 wave correction to correct this decline should be close

The daily patterns on both Oil and Copper suggest far far lower prices over the coming months, and this 5 wave decline is just the start of it

You can see that Oil, Copper and even AUDUSD follow each other, so it don't bode well for AUDUSD and seeing 0.9200 is most likely going to be seen on AUDUSD over the coming months

Furthermore i suspect the Copper and Oil stocks in the FTSE and ASX will get hit once the markets really unravel to the downside

But for now it appears that we can see a bit higher in all 3 markets, i posted the AUDUSD idea earlier

This daily chart shows the correlation clear enough that its hard to be bullish on these markets over the coming months

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I am VERY bearish on all 3 markets medium term

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