• 511 days Will The ECB Continue To Hike Rates?
  • 511 days Forbes: Aramco Remains Largest Company In The Middle East
  • 513 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 913 days Could Crypto Overtake Traditional Investment?
  • 918 days Americans Still Quitting Jobs At Record Pace
  • 920 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 923 days Is The Dollar Too Strong?
  • 923 days Big Tech Disappoints Investors on Earnings Calls
  • 924 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 926 days China Is Quietly Trying To Distance Itself From Russia
  • 926 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 930 days Crypto Investors Won Big In 2021
  • 930 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 931 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 933 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 934 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 937 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 938 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 938 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 940 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

US OIL Elliott Wave Technical Analysis

Originally posted 17th December, 2013.

Last analysis expected more downwards movement towards a short term target at 96.49. Downwards movement reached 96.21. Price turned upwards from there.

The wave count is the same.

Oil Daily Chart
Larger Image

The bigger picture sees US Oil in a new downwards trend to last from one to several years. There is now a clear five wave structure downwards on the daily chart, and I have some confidence in a trend change at cycle degree.

Within the downwards movement the strongest downwards momentum is within the third wave. Minute wave iii is over and was just 0.40 longer than 2.618 the length of minute wave i, and minute wave v is 0.29 short of 0.618 the length of minute wave i.

Ratios within minute wave iii are: there is no Fibonacci ratio between minuette waves (iii) and (i), and minuette wave (v) is 0.08 short of 0.382 the length of minuette wave (i).

Minor wave 1 lasted 65 days. I would expect minor wave 2 to be around about a similar duration. It must subdivide into a clear three wave structure. It is most likely to end about the 0.618 Fibonacci ratio of minor wave 1 at 104.42. At 103.21 minute wave c would reach equality with minute wave a.

I have drawn a parallel channel about minor wave 2. I would expect minute wave c to find resistance at the upper edge of this channel.

Minor wave 2 may not move beyond the start of minor wave 1. This wave count is invalidated with movement above 112.24.

Oil Hourly Chart
Larger Image

So far minute wave c may be unfolding as an ending diagonal. The first upwards wave subdivides best as a zigzag, with a b wave triangle in the middle.

Within the diagonal minuette wave (ii) is most likely to end between 0.66 and 0.81 the length of minuette wave (i), between 96.78 and 96.53.

Minuette wave (ii) may not move beyond the start of minuette wave (i). This wave count is invalidated with movement below 96.21.

 

Back to homepage

Leave a comment

Leave a comment