little higher for a very important target on the ratio of Gold/Oil
04/10/20 – our target level hit and, if you look closely below, you’ll see 5 waves down .. followed by 3 waves up into a “perfect” SELL PATTERN for the ratio. IF this pattern works (the big if) then expect Crude to strengthen against gold and, perhaps, keep the oil rally going for a little while longer.
one of my readers asked me a question on Gold/Oil ratio. below I have charted SPOT gold / futures oil (continuous contract) – wow, pretty amazing move … take a look at the 1.618 projection target a little higher. that ‘should’ (operative word) cause some resistance. additionally, if we keep this parabolic rise in the ratio then the 12 level on oil doesn’t seem to far fetched, does it? thanks again Ray for the ping … great question and observation. that’s what I see .. hope it helps. Bart
like the EEM … big support here. if we lose it, look out below …
note, the 15 minute and 240 minute patterns … it shows the fractal nature of the market and, in this case, we have a pattern (15 minute (orange w/ dashed black outline) w/in a BIGGER 4 hour pattern (light blue)