Metals & Crude Oil | Elliott Wave Patterns | November 2019

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”

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 on a daily basis via the “Wave Counts & Updates” section.

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.

Video analysis coming soon in the YouTube Playlist.

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Metals & Crude Oil | Elliott Wave Patterns

Gold & Silver - Technical Analysis

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

XAUUSD – 2H Interactive Chart
(click to open)

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XAGUSD – 2H Chart (picture)

XAGUSD – Elliott Wave Technical Analysis
Structure & Degree: Primary Degree Complex Correction (W)(X)(Y) (purple), Double Three
– Intermediate (W) (purple): Zig-Zag with a 5-3-5 sequence in its Minors ABC (red)
– Intermediate (X) (purple): Double Three Complex Structure
(conflict of trending degrees, corrective upon a correction)
Minor W (turquoise): Zig-Zag
Minor X (turquoise): Simple Flat
Minor Y (turquoise): Semi-Complex Flat
– Intermediate (Y) (purple): Simple Flat
3-3-5 Sequence
Extension in Minor C (red)
Structure could allow a support to be granted soon, and the sequence on the up-side would give more details.
If the swing on the up-side would be impulsive, then the view would remain bullish until new 2-3 months highs.
Current Position & Pattern:
– Impulsive 5-swings sequence in Minor C (red), 4th to 5th wave final stages
Expected Swing:
– Powerful Bullish Impulse, 5-3-5-3-5 sequence, shallow pull-backs, bullish territory, rally
Technicals & Confirmations:
– 61.8% Fibonacci Retracements of Primary C (green)
(May-September 2019 bullish swing)
– 100% Fibonacci Extensions of Intermediates (W) & (X) (purple)
– 261.8% Fibonacci Extensions of Minors A & B (red)
– 161.8% or 200% Fibonacci Extensions of Minutes i & ii (red)
– 61.8% Fibonacci Extensions of Minutes iii & iv (red)
– Bullish Divergence at Support
– Bullish Harmonic Structures: AB=CD & XABCD
– 16.30 – 16.00 range is a Point of Interest

XAGUSD – 2H Interactive Chart
(click to open)

Crude Oil - Technical Analysis

WTI – 4H Chart (picture)

WTI – Elliott Wave Technical Analysis
Structure & Degree: Complex Flat in Cycle b (black)
– Primary A (red): 3-swings sequence
– Primary B (red): Complex Double Three in Intermediates (W)(X)(Y) (pink), Double Flat
– Primary C (red): Impulse, 5-3-5-3-5 sequence
Intermediate (1) (black): Leading Diagonal, channeling impulse
Intermediate (2) (black): Complex Double Three
Minor W (purple): Simple Flat
Minor X (purple): Contracting Triangle
Minor Y (purple): Zig-Zag
The current structure could allow one more swing-high, but only in a Triple Three.
Only a breach of the lower channeling trend-line would confirm the bearish impulse and the sell-off.
Current Position & Pattern:
– Intermediate (2) (black), Complex Correction, Bear Flag, Channeling Correction
Expected Swing:
– Intermediate (3) (black), bearish 5-swings sequence, impulse, sell-off
Technicals & Confirmations:
– 61.8 or 78.6% Fibonacci Retracements of Intermediate (1) (black)
– 161.8% Fibonacci Extensions of Minors W & X (purple)
– 161.8% or 200% Fibonacci Extensions of Minutes a & b (blue)
– Bearish Divergence at Resistance
– Bearish Harmonic Structure
– Channeling Bear Flag
– 58.65 – 60.75 range is a Point of Interest

WTI – 4H Interactive Chart
(click to open)

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Ahoy my fellow trader,

Thank you for your interest in this article and the overall information I am proving.
Should you need any support or have any questions in regards to the presented Wave Counts, please let me know.
I am most active and available via Telegram and Skype, feel free to shoot me a message.

As always,

Many pips ahead!

Richard

Fair warning and risk notice:
Trading CFDs or Foreign Exchange is risky and you should only invest what you can afford to lose, in a calculated manner.
All material presented by LEWA is not to be treated as investment advice and the analysis represents general market research.
Before you decide to take action, please be aware of the risks involved.
Trading is not for everyone and it should be treated with responsibility.
Besides a good strategy for a decent win over loss ratio, risk management is another key factor. 

Many pips ahead!