Another small range week, this time an inside week, does not change the Elliott wave analysis.
A small bounce was expected before the continuation of a downwards trend. Price has moved slightly lower for the week, but with a very small real body mostly price moved sideways. The outlook remains the same.
A trend change was expected after a little more upwards movement. This is exactly what happened. Monday saw a new high; thereafter, the week saw downwards movement.
Upwards movement was expected to end last week, but price continues to move higher. Volume does not support the rise in price though, and there is resistance overhead.
A bounce was expected for the last week, which is exactly what has happened.
Last analysis expected Oil had made a high. A breach of the channel on the daily chart added confidence to this view. Thereafter, Oil has continued to fall as expected.
Sideways movement, which has not made a new high, this week fits the main Elliott wave count better than the new alternate.
Upwards movement has continued towards the target, which was at 67.86, and which has not yet been met.
A new alternate wave count is considered this week.
Price has continued higher towards the new target, which has not been met yet.
Price continued higher towards the target, which was at 61.42, but this has been exceeded now by 2.11.