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.
Upwards movement was expected to resume for Thursday’s session, which is what has happened.
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.
A little downwards movement within a consolidation was expected to continue for Wednesday.
So far price is behaving as expected this week. The breakout direction is still expected to be the same.
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.
Upwards movement has continued, which was allowed for in the main Elliott wave count.
Volume and candlestick analysis are used today to indicate the most likely short term Elliott wave count.
Downwards movement was expected for the last week, which is exactly what has happened for US Oil.
Both Elliott wave counts remain valid.