• 2 days America's Semiconductor Shortage Is Just Getting Started
  • 2 days America's Semiconductor Shortage Is Just Getting Started
  • 5 days The EU Begins Backtracking On China Trade
  • 6 days Americans Are Sick Of Unfair Taxation
  • 8 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 10 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 11 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 12 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 14 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 15 days The New Economic World Order After Covid-19
  • 19 days 3 Signals To Watch For A Stock Market Correction
  • 21 days Netflix Earnings Red Alert: Subscriptions Could Underwhelm
  • 22 days Wall Street Banks Are Back
  • 22 days Elon Musk’s SpaceX Scores Big Win Over Jeff Bezos’ Blue Origin
  • 23 days Which Country Is The World’s Largest Investor In Batteries?
  • 25 days Are Bitcoin’s Environmental Risks Overblown?
  • 25 days Why The Gold Rush Ran Out Of Steam
  • 28 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 28 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 29 days The Pandemic Has Culled The Middle Class
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Oil: Update Long Term EWP

I maintain the scenario that I posted on September 8 2011, which calls for price unfolding off the January 2008 lows a Double Zig Zag wave (B).

This is the chart I had posted with the DZZ option:

Double ZZ Option Chart
Larger Image

This idea implies that price will revisit the July 2008 top maybe shaping a large Flat.

If Price is unfolding a Double Zig Zag then on May 2011 price established the wave (W).

Now we need a wave (X), which has to be the result of a corrective EWP.

Since last month price did not breach the October 2011 low at 74.95, the internal structure of the pullback off the May 2011 peak is establishing lower highs / higher lows, which could mean that price may be unfolding a Triangle.

Triangle Chart
Larger Image

If price is now involved in unfolding the wave (D) of the Triangle project then price should reach at least the range of the 20 w MA = 96.90 / 0.618 retracement = 97.89

Triangle Project chart
Larger Image

If price does not reach the 20 w MA and instead it stalls and reverse in the area of the 0.5 retracement then maybe we could have an Ending Diagonal wave (C) in progress, in which case the wave (X) will be established once the ED is completed.

Ending Diagonal Wave Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment