Downwards movement was expected for the main hourly Elliott wave count, but this is not what happened. However, price remains below the invalidation point, so all three hourly wave counts remain valid.
Last analysis expected a correction to continue lower for a few days. This is not what happened. Price has made new highs towards the longer term target.
Both hourly Elliott wave counts in yesterday’s analysis expected at least some upwards movement.
Price has moved higher as expected.
Price moved lower as expected but did not reach the target.
Elliott wave charts only.
The main Elliott wave count expected downwards movement, which is what has happened over the last week for Oil.
Sideways movement fits the expectations overall for the main hourly Elliott wave count in last analysis.
The picture today is a little clearer for the short term.
Upwards movement was expected, but not as much as unfolded.
Price moved lower towards the target.
A breach of the small channel on the daily Elliott wave chart indicated a correction had arrived.
Sideways / downwards movement continued as expected towards the target.
Targets for downwards movement were 1,271 and 1,244. Downwards / corrective movement continues as expected.
Downwards movement was expected for the week.
The week began with two downwards days then price turned and moved higher, but so far it has not made a new high.