Please see my post from July 3 here first: http://theelliottwavesufer.blogspot.dk/2013/07/elliott-wave-analysis-of-crude-oil.html
Well Crude Oil is finally on the move again and could be headed towards 120.84 as the next major target. As wave i and ii is almost equal in length we should expect wave v to extend and that would call for a rally towards 120.84 before wave 3 comes to an end. Longer term we still should be looking for a rally higher towards 126.87 before this C wave is over.
HI EWS
ReplyDeleteThanks for the update on crude As you last update on natural gas was way a month ago and it has rallied from that I expect same to be happened with crude.
I request you to have a look at reliance industries and market was open I was not aware because we dont have any updates . The price has again rally from 763.00 lows to 820 and I expect a upside and I request you take a look at the count I send yesterday as Its your preferred count or you have alternate count as well
my sincerest regards
thank you
Hi Aman,
ReplyDeleteI have had a look at Reliance Industries (I don't have a long term chart of it, so I have just used the chart you linked to).
I don't think we are looking at a major B-wave triangle as you described it.
I think the decline from late 2007 to mid 2008 is wave W and from mid-2008 till now is likely an X-wave (triangle), which means we should have more downside action following once this X-wave is over. A break below, what you have called red B will be the first strong indication, that more downside action is coming and a break below your red wave c will confirm a break below 474 in developing.
I would only take on a long position is this stock if we see a break above, what to have call orange 1 as that would back your count for a move higher.
Kind regards
EWS