There is still about $25 left even from current levels! If Crude gets back to above 104, we would have missed only about $10 of the move. ForĮxample, I could have warned you of the top if I was watching it every day.
The trouble is, one has to be alert to recognize the patterns as it is happening. The new target for Oil is now justīelow $71, which means there is another 26% downside left.Īs I never tire of repeating, nothing works like Elliott Wave analysis when it comes to the You are now seeing another such magical moment when yet another extended 5th wave has been completed at $114.83. The main reason for my bearish call at that time was we had completed anĮxtended 5th wave at $147. (see old posts in Wavetimes, especially how Fifth wave extensionsĬan make you rich!). Many of you will remember that I had called for a sell-off in the price of Crude Oil from the Till that time, you are on your own, because I am currently updating the blog less We will attempt to pin point the top as weĪpproach it. Picture still calls for a large sized down move in Oil. It is wonderful that we got so many good moves using the hourly chart. There are too many factors that impact the That Hourly charts are useful only to a limited extent.
The price went only to around 74.25 and has since traded higher again. However, when we reached $76, instead of coming down directly to $60, You will see that in terms of the waves, I amĬontinuing to be faithful to the original version, because the twists and turns have happenedĮxactly as anticipated.
#Elliott wave tool in our mtpredictor download update
Update and view it alongside the chart of today. I suggest that you print the chart attached to that In my Elliott wave analysis of oil presented to you on 6th July, I used an hourly chart to projectĪs far as possible about the likely moves. Wont be a market because everyone would know what is going to happen. If everything was laid out cut and dried, there When dealing with financial markets, you should always be ready to change your mind about theįramework on which you are basing your analysis. However, there is going to be a lot of blood letting before we reach our targets.Ĭrude Oil Elliott Wave Analysis 14 July 2010 Coming back to Crude Oil, beware of a move back to 76 before a big But even my most recent update on GBP/USD looks Rabbit out of the hat every time! ( If you want to read about the magic of Elliott Wave Analysis,
While Elliott Wave analysis gives you a road map, you cannot expect it to produce a They are going to get bullish near the top and bearish near theīottom. This only reinforces my view that many traders are going to lose Even as I am writing this, Oil has already been to the first target I have mentioned in theĬhart and recovered smartly. There are some persuasive reasons why we should expect a lot of choppyĪction. My baseline case remains that we get a move down to around $60. These were prepared late yesterday evening (when oil was As many of you wont have access to that platform, I am posting the charts here. Presenting my Elliott Wave Analysis of Crude oil. I will be addressing the Reuters Global Oil Forum this morning at 8.45 London time, and They should start covering in stages from 73 onwards, because theĮlliott Wave Analysis of Crude Oil 6 July Hedgers ofĬourtse should be more proactive. Traders should wait for the higher level (at least near 75) before considering any shorts. A recovery to $73 is likley, and a move to 75.30 is also possible. Who wishes to hedge his exposures would not be happy to have such intelligence! Elliott Wave Analysis Now tell me if there is any finance manager
In just a matter of 9 days Crude Oil has moved over 15%. As you can seeįrom the elliott wave analysis and labels marked on the chart, I expect a slight recovery from the midħ5s, but eventually we should be prepared for a move lower to $65 or even to just under $60 in theĮlliott Wave Analysis of Crude Oil 24 May Here is a chart of Light Crude oil that I prepared yesterday for a Reuters presentation. SNP500 post in the Featured Articles section. Study the attached chart carefully, oil-5-oct-08, and compare to the Will be looking for Oil to come off to much lower levels, but now is not the time to be shorting Oil. That buying could take the commodity back towards 103 or even higher. Once we reach the low 87s, you should be wary of some serious short-Ĭovering. That level also is not far from the 61.8% correction of the The technical target for oil is in the low $86s.
0 kommentar(er)
