Monday, June 20, 2016

Elliott wave analysis of Crude Oil - Long term View

Crude Oil - Long term View 

Since the June 2007 high at 147.27 a double zig-zag correction has been unfolding. The first zig-zag was a very sharp decline seen from the 147.27 high to a low of 33.20 as wave [W]. From the 33.20 low a corrective [X] wave was seen to 114.81 setting the stage for the second zig-zag decline to a low of 26.06 in early February. 

The big question now is, whether the ongoing rally will represent a new impulsive rally or another [X] wave should be expected? I do prefer the [X] wave count unfolding from the 26.06 low, but no matter what count proves correct, we should see much more upside in the weeks/months ahead. 

The first important target to look for is seen at 62.58, from where a correction to 49.00 and maybe even lower to 42.72 should be expected before the next big rally higher towards the long term resistance-line from the 2008 higher. 

If the resistance-line breaks the rally is expected to all the way back to 107.76, but the resistance-line will likely not be broken on the first attempt if at all. 

If you like the above post and want more like it, then you should consider joining my service Click at the link and see, what I have to offer. 

No comments:

Post a Comment