The main Elliott wave count expected upward movement for the week, which is exactly what has happened. A large Elliott wave triangle looks to be completing.
Downwards movement followed expectations for the Elliott wave triangle pattern on the daily chart.
Two daily charts are presented again for the main wave count. It is important to always consider alternates when an Elliott wave triangle looks to be unfolding.
Overall, both Elliott wave counts have expected downwards movement. The first short-term target at 1,464 has almost been met with a low today at 1,465.83.
A consolidation was expected to continue. Price remains range bound.
Downwards movement was expected for the week, but a new high above 58.75 indicated a deeper bounce. At that stage, the target was at 74.75.
Price remained below the short-term invalidation point and within the channel ending the week with strong downwards movement, which was expected.
Downwards movement was expected for Friday’s session, which is what has happened.
Both Elliott wave counts expect the same direction next.
Again, downwards movement was expected for Oil. An outside week closes green, and price remains below resistance.
Downwards movement was expected for Oil this week. Although the candlestick has closed green, a lower low and a lower high fits the expectation.
A small bounce within the week remained below the invalidation point and within the channel. Thereafter, downwards movement continued as expected.
Downwards movement has again continued as both Elliott wave counts expected for this week.
A small range day has not managed to make a new high. Declining ATR and light volume still suggest some consolidation may unfold here.