| Index | Strat | Risk | Target |
| Oil | Flat | ||
| Gold | Flat | ||
| Silver | Flat |
Long-Term Technical Forecast for Crude Oil
Recent commentary has been that “a possible wave count is an expanded flat, which would require a push above 59.66.” The wave count described is no longer possible but probable as crude is about to exceed 59.66. Although the minimum for wave C is just above 59.66, crude could soar as high as 78, which is both the 161.8% extension of wave i of C and the 50% retracement of the entire decline.
Short-Term Technical Forecast for Crude Oil
Long-Term Technical Forecast for Gold
Gold is oscillating between the 55 and 200 SMAs. Structure is non-existent. In other words, waves are not clear right now. However, having broken a trendline from February yesterday, bulls are slightly favored at this point.
Short-Term Technical Forecast for Gold
Long-term Technical Forecast for Silver
Silver on the other hand is clear. The drop from the March 2008 high to the October 2008 low was in 5 waves, indicating that any subsequent rally should prove corrective. The rally from 8.65 was corrective but the decline from 14.63 was also corrective. As such, it is likely that a complex correction is underway towards an extension at either 16.08 or as high as 19.5.
Short Term Technical Forecast for Silver
