The structure is becoming a little clearer. There is only one daily Elliott wave count this week.
Upwards movement was expected for the week, which is what happened overall.
Last analysis expected more downwards movement for the week which is what happened.
Last analysis expected a third wave down was most likely underway.
Further downwards movement fits the Elliott wave count perfectly so far.
Some more upwards movement to 48.09 – 49.35 was expected. Thereafter, the main Elliott wave count expected price to turn back down.
Price moved higher to reach 48.36 and turned down from there.
Downwards movement was expected to continue, but this is not what is happening.
I have two wave counts for you today that expect the same direction for the short term.
Downwards movement was expected.
The session for 21st October provided confirmation of a trend change when it clearly breached the channel.
Downwards movement for the week was expected for US Oil.
Upwards movement to a target at 51.14 to 51.2 was expected.
Price moved higher and so far has turned at 50.93 just short of the target zone.
The triangle completed sideways and was followed by upwards movement, as expected.
The target is recalculated today.
Upwards movement was expected for the last week but did not happen. Price has moved sideways, in a decreasing range, to continue a B wave triangle.
The Elliott wave structure still looks incomplete. A target may now be calculated for the end of it.
The Elliott wave structure looks incomplete.