Elliott Wave Live: Crude Oil Trades Into Resistance as Iran Warns War Could Expand, Metals Can Shine Further
Oct 16, 2023


Hey traders,

Geopolitical tensions are still the main drivers of this market, with energies and metals being powerful for the last few days while the USD is trading higher. So investors are looking for safe havens, while surprisingly US stocks hold the support, but not that much in Europe where we see German dax coming down.

I think that for the start of this week, the Dollar can stay strong as speculators will stick to safe havens after Iran wants the war to expand, and China notes that the Gaza offensive is beyond self-defense. Crude oil is up almost 10% since tensions start a week back to so, but again from an Elliott wave perspective I see energy in a potential resistance. At the same time, I think gold and silver can resume higher after a pullback. I talk about this and a lot more in our webinar recording below.

Best regards,

Economic calendar:
RBA minutes
USD Retail Sales
Powell Speach

Coverage in webinar:
DXY + Yields/Notes

Commodity Markets:
Crude Oil 

Stock Markets:
S&P 500

Cryptocurrency Markets:
Bitcoin (BTC)
Ethereum (ETH)

Single Stocks:
Meta (Facebook)

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