Price still remains within an identified consolidation zone. Friday’s strong upwards day lacks support from volume. The breakout from a flag pattern is suspicious.
The week was expected to begin with a little downwards movement to a target at 50.91 to 50.82. The week did begin with a little downwards movement, finding a low at 51.24, 0.33 short of the target zone.
An update for members intra-week, on the 13th of February, indicated a low was likely in place. Thereafter, price has moved higher to end the week.
Some downwards movement was expected for this week. After a very slight new high on Monday, this is how the week unfolded.
For the short term, sideways movement was expected to continue for this week. An outside week mostly fits this expectation.
About a target at 55.02 to 55.56 a pullback or sideways consolidation was expected this week. Price moved slightly higher to 54.32, falling 0.70 short of the target, and then has moved mostly sideways for the week.
A small range day remains within a consolidation zone. The breakout is still expected to be in the same direction.
For this last week a bounce was expected to continue. This is exactly what has happened. The final target remains the same and has not yet been met.
A bounce or sideways correction was expected to continue for the last week. An upwards week exactly fits this expectation. The target remains the same.
Last week’s end of week US Oil analysis expected a bounce or sideways consolidation had begun. An upwards week this week fits this expectation perfectly.
Last end of week analysis for US Oil expected more downwards movement towards a target at 42.10. Downwards movement continued to 42.37, just 0.27 short of the Elliott wave target.
A small inside day for Friday leaves the Elliott wave count unchanged. The target remains the same.