Upwards movement for the week was expected to a target zone at 60.53 to 61.74. The high for the week at 60.93 fits this expectation exactly.
Some sideways or downwards movement was expected for the week. An outside week closes red, meeting expectations overall.
The last high remains in place. All three Elliott wave counts at the daily chart level remain valid. Classic technical analysis favours the alternate Elliott wave count.
Last week’s summary expected price to continue overall higher towards 60.53. The high for the week is at 59.93.
A sideways consolidation was expected for the week. Price has moved higher than expected, but it remains below the Elliott wave invalidation point.
A relatively shallow bounce was expected to continue this week. A slightly higher high and a slightly higher low overall fits this expectation.
Downwards movement was expected to continue for the week, which is exactly what has happened.
The Elliott wave structure is used to indicate when and where bounces may occur. Candlestick patterns and volume are used to guide the Elliott wave count.
A new high above 1,346.45 was expected for the main Elliott wave count, although some further consolidation was expected first.
A small bounce to about 61.33 was expected to begin the week, and thereafter downwards movement was expected to continue and to show an increase in momentum. The bounce was more shallow than expected, reaching only to 59.69, but strong downwards movement fits the larger picture exactly.
Downwards movement was expected this week for US Oil, which is exactly what has happened.
An upwards week sees price remain below the invalidation point. Volume analysis is relied upon heavily this week to indicate the direction for next week.
Two main Elliott wave counts are published today. Confidence and invalidation points will be used to indicate which is correct.