A small inside week closing as a doji saw only sideways movement from Oil. This leaves the analysis the same.
The new Elliott wave count is bullish.
A short term pullback was expected, but price moved lower only slightly and briefly before making new highs.
A new high above 66.65 has substantially reduced the probability of the main Elliott wave count and increased the probability of the alternate. This week the two wave counts should be swapped over.
Downwards movement continued this week exactly as expected.
A bounce was expected to continue, with the target at 65.05. So far price has reached up to 65.99.
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.