Some downwards movement was expected for this week. After a very slight new high on Monday, this is how the week unfolded.
For the short term, sideways movement was expected to continue for this week. An outside week mostly fits this expectation.
About a target at 55.02 to 55.56 a pullback or sideways consolidation was expected this week. Price moved slightly higher to 54.32, falling 0.70 short of the target, and then has moved mostly sideways for the week.
For this last week a bounce was expected to continue. This is exactly what has happened. The final target remains the same and has not yet been met.
A bounce or sideways correction was expected to continue for the last week. An upwards week exactly fits this expectation. The target remains the same.
Last week’s end of week US Oil analysis expected a bounce or sideways consolidation had begun. An upwards week this week fits this expectation perfectly.
Last end of week analysis for US Oil expected more downwards movement towards a target at 42.10. Downwards movement continued to 42.37, just 0.27 short of the Elliott wave target.
An intra-week update gave a new target for more downwards movement. Price has continued to move lower towards the target.
A correction for a second wave on the Elliott wave count was expected to have begun. So far this is starting out with some sideways movement, which still fits the overall expectation.
Members were advised in last analysis to expect a low in place when the channel on the daily chart was breached. This happened on the 4th of December.
Downwards movement has continued for the week as expected. The target remains the same.
A new low below 51.67 has invalidated the alternate bullish Elliott wave count, adding confidence to the main bearish Elliott wave count. The short-term target remains the same.
It was expected that while price remained within a channel drawn on the daily chart that price would continue to fall. A new low below 55.24 was a very bearish signal.