• 16 hours Chinese E-Commerce Giant Eyes Aggressive Expansion
  • 2 days Institutional Movement Reinforces Bullish Sentiment In Crypto Markets
  • 3 days $100M Saudi Payment For Syria Fails To Help ‘Davos in the Desert’
  • 3 days Supply Issues Weigh On Pot Stocks As Canada Goes Legal
  • 3 days CME Bitcoin Futures Surge As Bullish Sentiment Grows Louder
  • 3 days How Do Your Savings Stack Up To The Top 1 Percent?
  • 4 days Amazon Favored To Win $10 Billion Pentagon Contract
  • 4 days American Steel Downgraded As Trade War Escalates
  • 4 days From Gold To Bitcoin: The Evolution Of Money
  • 4 days Italy Budget "Not Compatible With Commitments That Exist In The EU"
  • 5 days U.S. Deficit Defies Economic ‘Boomtime’
  • 5 days Saudi Business At Stake Over Journalist Murder Allegations
  • 5 days Trump Bails On Coal Industry Incentives
  • 5 days Google Opens Up About "Project Dragonfly"
  • 6 days Retail Sales Rebound, But Is It Enough To Post Positive Earnings?
  • 6 days Stocks Continue To Slide As Economic Fears Fester
  • 6 days Where Does The True Value Of Gold Lie?
  • 6 days Bitcoin Soars Amid Tether Drama
  • 7 days Fake Cheese, Hooters, And Big Banks: The Millennial Market Hitlist
  • 8 days “Enormous Piles Of Cash” Are About To Return To The Market
Time To Buy A Lada? Russian Auto Sales Are Booming

Time To Buy A Lada? Russian Auto Sales Are Booming

Russia’s flagship carmaker was once…

EU Weighs New Payment System With Iran To Skirt U.S. Sanctions

EU Weighs New Payment System With Iran To Skirt U.S. Sanctions

Demonstrating its eagerness to continue…

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