Oil Elliott Wave Forecast: Correction Expected Before Extension Higher

By: Elliottwave-Forecast | Tue, Dec 6, 2016
Print Email

Short Term Oil Elliott Wave forecast suggests that the rally from 11/14 low is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82. and wave ((y)) of W is proposed complete at $52.43. Near term, while bounces stay below there, oil is expected to turn lower within wave X pullback to correct the cycle from 11/14 low ($42.21) in 3, 7, or 11 swing before the rally resumes. If Oil breaks above $52.43, then it is still within wave W and can open extension to the upside towards as high as $54 - $55.2 area to complete wave W and end the cycle from 11/14 low before the correction in wave X begins. We don't like selling the proposed wave X pullback and expect buyers to appear after wave X pullback is complete in 3, 7, or 11 swing as far as pivot at $42.21 remains intact. 50 - 61.8% fibonacci retracement from 11/14 low which comes at $46.11 - $47.31 can be an approximate area where wave X pullback can complete.

Oil Short-Term Elliott Wave Analysis Chart
Larger Image


Get more updates for Oil and other instrument at Elliottwave-Forecast.com. Try our services for 14 days FREE -> 14 day Trial to sample everything we have to offer. We offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits.




Author: Elliottwave-Forecast


Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 41 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Copyright © 2015-2017 Elliottwave-Forecast.com

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com