Crude Oil Could Witness A Bounce In October:Oil Elliott Wave Analysis

By CommodityOnlineCommoditiesOct 07, 2014 05:48AM ET

www.investing.com/analysis/crude-oil-could-witness-a-bounce-in-october:oil-elliott-wave-analysis-228240

Crude Oil Could Witness A Bounce In October:Oil Elliott Wave Analysis

By CommodityOnline | Oct 07, 2014 05:48AM ET

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OIL Daily
Crude oil is at the lows but based on a larger pattern and RSI divergence suggests that we may see a bounce in October. The wave count is showing idea of a flat correction in wave 2 where wave (c) can still reach levels around 96, maybe even 97 figure before price turns sharply down to $80 per barrel if not lower.

OIL Daily Elliott Wave Analysis

OIL Four Hour
Crude oil is has turned unexpectedly bullish last week from a new low, from around 88.18 figure which makes a decline from 94.90 only in three legs. Therefore, we think that latest sharp drop represents wave (b) as a part of a complex corrective decline that is still unfolding. We are tracking wave 2 again that can be a flat correction, now with sub-wave (c) underway to around 95.00 reversal zone.

OIL 4h Elliott Wave Analysis

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Comments (2)

stuart smith Oct 07, 2014 2:49PM ET

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Another Idiot Wave analysis aka astrology, with NO CONNNECTION TO FUNDAMENTALS.

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stuart smith Oct 07, 2014 2:48PM ET

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Another Idiot Wave analysis aka astrology. No mention or consideration of the FUNDAMENTALS...

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US 30	34,037.0	-119.7	-0.35%
US 500	4,145.3	-18.7	-0.45%
Dow Jones	34,156.69	+265.67	+0.78%
S&P 500	4,164.00	+52.92	+1.29%
Nasdaq	12,113.79	+226.34	+1.90%
S&P 500 VIX	18.91	+0.25	+1.34%
Dollar Index	103.118	-0.180	-0.17%

Crude Oil WTI	77.61	+0.47	+0.61%
Brent Oil	84.04	+0.35	+0.42%
Natural Gas	2.535	-0.049	-1.90%
Gold	1,890.90	+6.10	+0.32%
Silver	22.438	+0.261	+1.18%
Copper	4.1007	+0.0202	+0.50%
US Soybeans	1,524.50	+9.50	+0.63%

U.S. 10Y	3.649	-0.025	-0.68%
U.S. 30Y	3.700	-0.006	-0.15%
U.S. 5Y	3.8058	-0.0380	-0.99%
U.S. 3M	4.6980	-0.0050	-0.11%
US 10Y T-Note	113.45	+0.22	+0.19%
Euro Bund	136.12	+0.07	+0.05%
10-2 Yield Spread	-78.92	+4.53	+-5.43%

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Crude Oil Could Witness A Bounce In October:Oil Elliott Wave Analysis

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