• 7 hours Gold Miners Are Having A Stellar Second Half
  • 1 day How 3D Printing Is Turning Each And Every Industry On Its Head
  • 1 day Is The $3.5 Trillion Healthcare Industry About To Get Much More Transparent?
  • 2 days Gamblers Are Betting Big On Trump’s Impeachment
  • 2 days Even Banks Can't Answer Aramco's Trillion Dollar Question
  • 3 days Will Bezos Buy The Seattle Seahawks?
  • 3 days 6 Tech Trends Transforming The Travel Industry
  • 4 days Ousted Uber CEO Cashes Out $500 Million In Stock
  • 4 days Trump Prepares For Another Key Tariff Decision
  • 4 days The Free Money Bubble Is About To Burst
  • 5 days The Crushing Reality Of Poverty In America
  • 5 days Should You Buy Into The World’s Largest IPO?
  • 5 days The Infinite Possibilities Of Cosmic Energy
  • 6 days Analysts Link Walking To Economic Growth
  • 7 days Will Japan Turn Its Back On The Aramco IPO?
  • 8 days Global Debt Soars To $188 Trillion
  • 8 days The World's Largest Gold Miners Are Getting Creative
  • 9 days Twitter: The Saudi Spy Tool To Bring Down Dissidents
  • 9 days Broad Commodity Funds Don’t Give Enough Exposure To Gold
  • 10 days Here We Go Again: Another Giant Telecoms Mega-Merger
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Elliottwave-Forecast

Elliottwave-Forecast

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…

Contact Author

  1. Home
  2. Markets
  3. Other

Oil Elliott Wave Forecast: Correction Expected Before Extension Higher

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.

 

Back to homepage

Leave a comment

Leave a comment