Crude Oil and Gold Update
The 49.59 major Gann square is the short term swing point, this is also 23.6% back to the 11/2/20 low, above it continue to look for the target area of 55.98 to 57.50. The first is a major Gann square and the second is a combination of 61.8% and 78.6% of the past two major highs. With a close below 49.59 look for a move down to 23.6% of the rally from the 4/22/20 low at 47.65. It would have to take out 38.2% of the move up at 43.80 to say the rally is over, this is our long term swing point and it is a major Gann square.
The break from 61.8% on the Nearby chart has hit 61.8% back of the move up at 1842.00, this is now the short term swing point, above it, we will look for 61.8% back up at 1912.00, per the 61.8% rule. This could also cause a longer term trading range between the 61.8% levels that could last for weeks, if not months. With a couple solid close's below 1842.00 look for 1811.00 and below here look for the long term swing point at 1700.00. This is 61.8% back to the March 2020 low and 38.2% back to the 2015 low