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

ByCommodityOnline
Published 10/07/2014, 05:48 AM
Updated 05/14/2017, 06:45 AM

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


Latest comments

Another Idiot Wave analysis aka astrology, with NO CONNNECTION TO FUNDAMENTALS.
Another Idiot Wave analysis aka astrology. No mention or consideration of the FUNDAMENTALS...
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