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.
The Elliott wave count has been invalidated. Two new Elliott wave counts are considered.
Price has remained within the small channel all week, so no indication that a low could be in place has been given.
More downwards movement was expected as most likely for this week. The target at 63.60 was met and so far has been slightly passed.
More downwards movement below 66.86 invalidated one of the two remaining daily Elliott wave counts.
At the end of this week, two versions of the remaining Elliott wave count are provided.
Sideways and slightly lower movement was expected for the week as a pullback unfolds. Price has moved lower, more than anticipated, but it remains well within the allowable limits for this pullback. Both Elliott wave counts remain valid.
This week volume analysis is used to determine where this pullback may end, and specific trading advice is offered to members.
Downwards movement was expected for the last week, which is exactly what has happened for US Oil.
Both Elliott wave counts remain valid.
This week a candlestick pattern indicates the most likely direction for next week. How far this next wave moves may indicate which Elliott wave count is most likely.
More upwards movement was expected for the last week. The short term target was at 73.82. Price did move higher to reach 73.72 so far.