US OIL Elliott Wave Technical Analysis – 4th June, 2013

Last week’s main wave count expected downwards movement to complete a triangle, but not for price to move below 92.21. We did see price move lower, but the triangle was invalidated. This has necessitated a reanalysis of the wave count. I have just the one wave...

US OIL Elliott Wave Technical Analysis – 28th May, 2013

Last analysis had two wave counts. They both remain valid. Price has remained below the invalidation point at 100.43. Click on the charts below to enlarge. This wave count sees US Oil in a third wave downwards at intermediate degree, within a primary wave C down....

US OIL Elliott Wave Technical Analysis – 21st May, 2013

This deeper than expected upwards movement has indicated the prior wave count may be incorrect, although the daily chart remained valid. I have taken another look at the bigger picture. I expect this upwards movement may be part of a larger second wave correction....

US OIL Elliott Wave Technical Analysis – 14th May, 2013

Last week’s analysis expected oil to move lower which is what has happened. The channel about the last upwards wave on the daily chart is now breached providing trend channel confirmation of a trend change back to the downside for oil. Click on the charts below...

US OIL Elliott Wave Technical Analysis – 30th April, 2013

Further strong upwards movement invalidated the main wave count. This upwards movement cannot be a fourth wave of an impulse because it has entered first wave price territory. It must be a second wave correction, or the structure is a diagonal and not an impulse. The...

US Oil Elliott Wave Technical Analysis – 23rd April, 2013

Last week’s analysis had a short term target for some upwards movement at 89.21 to 89.41. Price has moved higher and so far is 0.23 above the target. But the structure is incomplete. I have calculated a new target for you this week. Click on the charts below to...

US Oil Elliott Wave Technical Analysis – 16th April, 2013

Oil analysis last week expected price to move strongly lower as the middle of a third wave unfolded which is exactly what has happened. Targets have not been met, but the structure is incomplete. It should continue to move lower over the next week. Click on the charts...

US Oil Elliott Wave Technical Analysis – 9th April, 2013

Last week’s oil analysis expected price to move lower. The short term target at 94.52 has been exceeded by 2.53. This week I expect the completion of a minuette degree second wave correction, followed by a third wave down. Click on the charts below to enlarge....