The XRPUSD market shows that the linking wave XX has been completed. Later, the construction of a new zigzag consisting of sub-waves [A]-[B]-[C] began. Now the first sub-wave [A] is unfolding as the leading diagonal, judging by the internal structure. This diagonal will be completed near the 0.494 level, marked by a minor correction 4. Then the price may correct within the bearish wave [B], as shown in the chart.
Oil short-term uptrend continued. The high of October 27 was broken through. Oil traders tried to break out the upper Target Zone 89.51 – 88.76, but failed. The oil price is now being corrected down with a potential target to test Additional Zone 87.80 – 87.61. After the AZ zone test, I suggest entering new purchases according to the pattern with a target at yesterday’s high.
If the price breaks out the Additional Zone downside within the correction, the oil price should reach the Intermediary Zone 85.92 – 85.55, which is the border of the short-term uptrend. In this scenario, one could also enter purchases after the price reaches the IZ.
USCrude trading ideas for today:
The gold short-term downtrend continued yesterday after the test of the Intermediary Zone 1662 – 1659. The price has broken through the low of November 1. The gold sell trades reached the first target. The next downside target is the lower Target Zone 1618 – 1612. The market should reach the second target within the next two days.
I recommend entering new short trades on the corrections to strong resistance levels. The Additional Zone is now in 1645 – 1643. The trend border is the zone of 1661 – 1658. Once any of these zones is tested by the price, I suggest selling gold according to a sell pattern with the first target at today’s low.
Yesterday, the oil traders were testing the Additional Zone 90.2 – 90.01. The zone was held up, and the price reached the Gold Zone 92.88 – 92.51, the trend resistance. The oil traders also tried to break this zone upside, but failed.
The price is now trading in the correction and testing the new Additional Zone 91.03 – 90.85. The AZ is the strong support level, where one could enter new purchases according to the pattern with a target at yesterday’s high.
If the AZ is broken out, the correction will continue down to the Intermediary Zone 89.16 – 88.78.
Buy Zone 91.03 - 90.85 | Take Profit: 92.88 | Stop Loss: according to the pattern rules.
Buy Intermediary Zone 89.16 - 88.78 | Take Profit: 92.88 | Stop Loss: according to the pattern rules.