Oil (CL_F) rally may fail for more downside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave view in Oil suggests that rally from 12.13.2023 low is unfolding as a double three Elliott Wave structure. Up from 12.13.2023 low, wave ((a)) ended at 76.18 and dips in wave ((b)) ended at 72.89. Wave ((c)) higher unfolded as a 5 waves where wave (i) ended at 75.75 and wave (ii) ended at 73.41. Rally in wave (iii) ended at 77.51, and pullback in wave (iv) ended at 76.06. Wave (v) higher ended at 79.26 which completed wave ((c)) of W in higher degree.

Pullback in wave X is currently in progress with internal subdivision as a zigzag Elliott Wave structure. Down from wave W, wave (i) ended at 75.85 and rally in wave (ii) ended at 78.14. Oil then extended lower in wave (iii) towards 71.79 and wave (iv) ended at 72.98. Final leg wave (v) ended at 71.41 which completed wave ((a)). Wave ((b)) rally is in progress as a zigzag. Up from wave (a)), wave (a) ended at 73.28 and wave (b) ended at 72.38. Expect wave (c) higher to complete at 74.23 – 75.38 area and this should complete wave ((b)) in higher degree. From this area, expect sellers to appear and Oil to extend lower. Near term, as far as pivot at 79.26 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

Oil (CL_F) Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.