Another sideways week sees a classic symmetrical triangle forming. Volume analysis is used to indicate the most likely breakout direction, and the triangle is used to calculate a target.
Another sideways week remains within the Elliott channel and above the invalidation point.
Price has moved sideways, remaining within the Elliott wave channel and above the invalidation point.
Price continues to rise towards the target zone as expected. The target remains the same.
This week’s classic analysis is used to judge whether or not recent movement could be over.
Last analysis expected upwards movement, which is exactly what has happened over the last week. The Elliott wave target remains the same.
Last analysis expected a sideways consolidation to last about eight sessions. Price has moved sideways and lower for the last four sessions.
A classic upwards breakout was seen two days ago. The main Elliott wave count is changed. The alternate Elliott wave count remains the same.
A very small range weekly candlestick has moved price sideways and very slightly higher.
The upwards movement over the last week has remained below the invalidation point on the daily Elliott wave counts.
A breach of the channel on the 4th of October on the main daily Elliott wave count indicated a deeper pullback was most likely underway. Thereafter, price has moved lower as the alternate Elliott wave count expected.
Last week’s analysis expected more upwards movement from US Oil. Price moved higher, falling a little short of the target, before turning down for a pullback which so far has remained within the channel.
Last week’s analysis expected Oil to continue to rise for the short to mid term.
A new high above 49.42 has invalidated last week’s Elliott wave analysis.
Two new Elliott wave counts are considered this week.