Last week expected downwards movement from Oil.
Price came back up to touch the trend line and then has overall moved lower.
Upwards movement has breached the cyan line which was providing resistance on the last updated US Oil daily chart. This indicates a trend change.
The Elliott wave count remains the same.
There is still only one Elliott wave count for US Oil.
The structure is becoming a little clearer. There is only one daily Elliott wave count this week.
An update to last analysis expected downwards movement to a target at 38.33. Price moved lower to reach 37.50 so far.
Upwards movement was expected for the week, which is what happened overall.
Last analysis expected more downwards movement for the week which is what happened.
Last analysis expected a third wave down was most likely underway.
Further downwards movement fits the Elliott wave count perfectly so far.
Some more upwards movement to 48.09 – 49.35 was expected. Thereafter, the main Elliott wave count expected price to turn back down.
Price moved higher to reach 48.36 and turned down from there.
Downwards movement was expected to continue, but this is not what is happening.
I have two wave counts for you today that expect the same direction for the short term.