A target for the bounce to end was given in last analysis at 47.96 to 48.91. Price reached up to 47.74, just 0.22 short of the target.
After last published analysis for Oil, another update was posted in comments the following day that expected that the bounce was not over. Price has moved higher since then.
After the strong downwards session of the 5th of July, there was an update to technical analysis posted in comments of the last published post for US Oil which expected the bounce was most likely over. Price has moved down from there as expected so far.
Short positions were exited for a profit when price breached a channel. Now a deep bounce is underway exactly as expected.
Stops are now protecting profit on short positions. The target remains the same.
Members this week may have a little more confidence in the main Elliott wave count now that an alternate has been invalidated.
Last week the main wave count expected a continuation of downwards movement, which is what has happened. This week members are offered advice on how to manage short positions, which were opened after a channel was breached on the 25th and 26th of May.
Since last analysis downwards movement continues as expected. Trading advice on how to protect short positions is given for members this week.
Downwards movement continues as the Elliott wave analysis overall expects.
Downwards movement was expected and began strongly. So far upwards movement looks like another bounce. Classic technical analysis is used to see if it may be over, or if it may continue.
Downwards movement was expected after last week’s analysis, but this is not what happened. Price has continued to move higher.
The upwards bounce was deeper than expected. Profitable short positions were closed.
Short term analysis is given today to help members manage profitable short positions on Oil.
Advice on how to manage short positions, specifically how to calculate a daily trailing stop, is given today for members to protect profits.