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Tuesday, January 14, 2014

Crude Oil and Gold - More upside expected on both.

Crude Oil:

Upside pressure should be Building for a move closer to the top of wave (iv) at 94.22. Short term a break above 92.38 will confirm a new test of 93.37 on the way to 94.22.

Once this correction is Down with expect renewed downside pressure towards the ideal target at 88.53.
Gold:

I'm still looking for a break above resistance at 1,267.84 to confirm blue wave c higher towards 1,350 as the expected triangle continues to build.
Blue wave a and b has been simple zig-zags, which raises the odds for blue wave c to be the complex wave within the triangle, but only time will tell.

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