Another sideways week remains within the Elliott channel and above the invalidation point.
Last analysis expected a sideways consolidation to last about eight sessions. Price has moved sideways and lower for the last four sessions.
The main Elliott wave count expected more upwards movement.
Price is above 55.24, so the main Elliott wave count is the sole wave count left.
The target has not yet been met.
A classic upwards breakout was seen two days ago. The main Elliott wave count is changed. The alternate Elliott wave count remains the same.
A very small range weekly candlestick has moved price sideways and very slightly higher.
A breach of the channel on the 4th of October on the main daily Elliott wave count indicated a deeper pullback was most likely underway. Thereafter, price has moved lower as the alternate Elliott wave count expected.
Last week’s analysis expected Oil to continue to rise for the short to mid term.
A new high above 49.42 has invalidated last week’s Elliott wave analysis.
Two new Elliott wave counts are considered this week.
Price continues to find resistance at the wide channel on the monthly and weekly charts.
Last week’s analysis expected more downwards movement.
A new low below 46.86 invalidated the main Elliott wave count and provided confidence in the alternate.
More upwards movement was expected for Oil for the week. This is not what happened. A pullback remains just above the invalidation point on the main Elliott wave count.