Oil update and Gold

oil july 27 2015

traded lower overnight. It appears to have completed a wave 3 which would imply that waves 4 and 5 should follow. Then a first new 5 wave sequence, and with it a wave 1, would be complete.

Alternatively this is just a B-wave of a correction that is becoming more complex and taking more time. If so a C should follow from here back to ,say, $65. We have no idea but for the nimble trader it would be a buy here for a gain of $3 to $5.

Gold is in a similar, but slightly different,  position but went down a lot further in relative terms.

Gold july 27 2015

The A-B-C down could be a larger B wave in a large correction. The upside in relative terms is much larger than the downside so, if anything, a long position would be more appropriate.