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.
Downwards movement for Oil has unfolded as expected for the week.
The alternate Elliott wave count is adjusted slightly.
Downwards movement was expected for the week. An outside week closes red.
This week On Balance Volume gives a reasonable signal at the weekly chart level, and the short-term volume profile supports the main Elliott wave count.
Downwards movement with a possible small bounce for a second wave was expected for the week. A small inside week fits the expectation for a small bounce.
All three Elliott wave counts remain valid while price remains above 1,346.45.
A bounce was expected to end very early within the week in the target zone from 60.53 to 61.74. No more upwards movement was seen. Price has turned within this target zone.
Upwards movement for the week was expected to a target zone at 60.53 to 61.74. The high for the week at 60.93 fits this expectation exactly.
Some sideways or downwards movement was expected for the week. An outside week closes red, meeting expectations overall.
The last high remains in place. All three Elliott wave counts at the daily chart level remain valid. Classic technical analysis favours the alternate Elliott wave count.
Last week’s summary expected price to continue overall higher towards 60.53. The high for the week is at 59.93.
A sideways consolidation was expected for the week. Price has moved higher than expected, but it remains below the Elliott wave invalidation point.
A relatively shallow bounce was expected to continue this week. A slightly higher high and a slightly higher low overall fits this expectation.