Last analysis in March expected upwards movement towards 97.97. Price has thus far continued to move higher, up to 95.02.
BEARISH ELLIOTT WAVE ANALYSIS
QUARTERLY CHART
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A huge double zigzag may be continuing lower.
MONTHLY CHART
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Downwards movement from the high in January 2017 cannot be a fourth wave correction within an ongoing impulse higher because a new low below 89.62 would be back in first wave price territory.
That indicates the last big wave up may be a completed three, and for that reason this is my main wave count.
WEEKLY CHART
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A five down may be complete within the new trend.
A three up now looks complete. This may be primary wave A within a flat correction, or primary wave W within a double zigzag or double combination.
A flat correction would require primary wave B to retrace a minimum 0.9 length of primary wave A at 88.93. Within a flat, primary wave B may make a new extreme beyond the start of primary wave A at 88.25.
A double zigzag would expect a relatively brief and shallow correction for primary wave X.
A double combination would expect a relatively deep and possibly time consuming correction for primary wave X.
Cycle wave II may not move beyond the start of cycle wave I above 103.82.
BULLISH ELLIOTT WAVE ANALYSIS
QUARTERLY CHART
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A single zigzag down to the last major low may still be complete.
A new upwards trend may continue. So far there may be two overlapping first and second waves. Primary wave 2 may not move beyond the start of primary wave 1 below 72.69.
Primary wave 2 should find strong support at the lower edge of the teal base channel if it gets down that low.
MONTHLY CHART
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Primary wave 2 may be a complete zigzag. However, this wave down can also be seen as a five and primary wave 2 may yet continue lower.
WEEKLY CHART
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This bullish wave count sees the last wave down as a completed zigzag. If this is correct, then within primary wave 3 no second wave correction may move beyond its start below 88.25.
TECHNICAL ANALYSIS
MONTHLY CHART
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DAILY CHART
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This analysis is published @ 11:02 p.m. EST.