Price has moved sideways since last Elliott wave and technical analysis.
Downwards movement was expected as likely for this last week.
Price has moved higher.
With price consolidating and the Elliott wave count in either a B or an X wave, classic technical analysis may be a better guide to what Oil may do next.
Last week’s classic technical analysis diverged from the Elliott wave count. Price has moved mostly sideways.
Last week’s analysis expected overall downwards movement.
Since last analysis Oil has made a lower low.
Both Elliott wave counts expect Oil to move in the same direction next.
A new low below 43.51 confirmed the main daily Elliott wave count and invalidated two alternates.
Last week’s classic technical analysis saw weakness to upwards movement and expected a downwards reaction.
Price has moved sideways for the week.
Last week’s analysis expected downwards movement as most likely.
Price continued higher.
Last week’s analysis expected more downwards movement.
The Elliott wave count was invalidated with a new high above 44.43.
Last week’s analysis expected downwards movement. This is not what happened.
Last week’s analysis expected downwards movement and an increase in momentum. This is exactly what has happened.
Last week again expected overall downwards movement. This is again exactly what has happened.
An increase in downwards momentum was also expected and has been seen by MACD.