• 11 hours Is This The World’s First Truly Democratic Stock Exchange?
  • 14 hours India’s Wealthiest Set To Hold $23 Trillion By 2028
  • 17 hours First Quarter Profits Slip For World's Top Oil Companies
  • 19 hours The Yuan May Be China's Biggest Weakness
  • 1 day Hedge Funds Having A Banner Year
  • 2 days Disney Heiress Asks “Is There Such A Thing As Too Much?”
  • 2 days BHP Turns Bullish On EVs
  • 2 days Investors Turn Bullish On America’s Nuclear Decommissioning Business
  • 2 days The $90M Inflatable Rabbit Redefining Modern Art
  • 3 days Huawei’s Fate In The Air
  • 3 days Tesla Slashes Prices Again
  • 3 days The Modern History Of Financial Entropy
  • 3 days Italy’s Central Bank Embraces Sustainable Investing
  • 4 days Trump Lifts Metals Tariffs To Cool Simmering Trade War
  • 4 days Researchers Push To Limit Space Mining
  • 4 days Could China Start Dumping U.S. Treasury Bonds?
  • 4 days Is Winter Coming For HBO?
  • 5 days Rise Of EVs Signals Peak Gasoline
  • 5 days Jeff Bezos Doubles Down On Space Colonization Ambitions
  • 6 days Gold Mining Stocks Stuck In Limbo
How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

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

Crude Oil: Correction Still In Progress

Rally to 55.24 completed Intermediate wave (W) and ended the cycle from 8/3/2016 low. From 55.24 high, oil turned lower to correct the cycle from 8/3 low as a double three structure where Minor wave W ended at 50.71 and Minor wave X ended at 54.08. Decline from 54.08 high is unfolding as a double three where Minuette wave (w) ended at 52.58 and Minuette wave (x) ended at 53.56 as a FLAT. While Oil stays below 1/27 peak (54.08), it has scope to resume lower towards 51.69 - 52.04 area to complete Minute wave ((w)) and end cycle from 1/27 peak. Afterwards, expect Oil to either resume the rally to new high above 55.24 or at least bounce in Minute wave ((x)) in 3, 7, or 11 swing to correct cycle from 1/27 peak before turning lower again one more leg. We don’t like selling the proposed pullback and expect buyers to appear at 51.69 - 52.04 area for at least a 3 waves bounce.


Oil 1 Hour Chart

Oil 1-Hour Elliott Wave Analysis Chart
Larger Image


Elliott Wave Degree

 

Back to homepage

Leave a comment

Leave a comment