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.
More upwards movement was expected for the week for US Oil. Price has moved sideways, remaining above the invalidation point on the daily Elliott wave count.
Upwards movement for the last week for US Oil was not expected and has breached an important trend line. The Elliott wave count this week is changed.
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.
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.
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.