Another small consolidation unfolded as expected finding support at the trend line on the daily Elliott wave chart. Thereafter, upwards movement has continued as expected.
Upwards movement has continued as expected from last Elliott wave analysis.
The small consolidation also unfolded as expected and remained above the invalidation point at 46.57.
Last analysis was invalidated by upwards movement, which was unexpected.
Last analysis expected downwards movement.
Price has moved overall lower for the week.
Last analysis expected an upwards correction was not over.
Price has overall moved higher but remains below the invalidation point.
The Elliott wave count remains the same.
Classic technical analysis is used to determine if current upwards movement is a new trend or a correction.
Again, downwards movement continues as expected.
The target and minimum requirement remain the same based on Elliott wave structure.
Last week the US Oil Elliott wave and classic technical analyses were in agreement that there had been a trend change for Oil.
Downwards movement was expected. This is what happened.
Last analysis was down to only one Elliott wave count as the structure became clearer.
A short term target for a little more upwards movement was at 53.30. Price has reached so far up to 51.93.
Price has moved sideways since last Elliott wave and technical analysis.
Downwards movement was expected as likely for this last week.
Price has moved higher.
With price consolidating and the Elliott wave count in either a B or an X wave, classic technical analysis may be a better guide to what Oil may do next.
Last week’s classic technical analysis diverged from the Elliott wave count. Price has moved mostly sideways.