A bounce was expected for the very short term. An outside week closes as a doji. Price mostly moved sideways.
For the short term, a little upwards movement was expected for the week. An inside week closes green with a very small range, mostly fitting expectations.
Again, downwards movement was expected for the week, which is what has happened.
Downwards movement was expected for the week for US Oil, and this is exactly what has happened.
Sideways movement with one slight new high fits expectations for the week. A new high above 74.96 to 75.26 has invalidated the alternate Elliott wave count, providing more confidence now in the main Elliott wave count.
Last week’s analysis expected an upwards swing to continue at least for the short term, which could make a new high above 72.90. Price has moved higher to reach 74.46 for the week.
Last analysis expected that US Oil had entered a large consolidation, with support about 61.0 and resistance about 72.5 to 73.0. Price remains within this zone, beginning now to swing up to resistance.
For the short term, some upwards movement was expected for US Oil. Although Friday ended with very strong downwards movement, the week made a higher high and a higher low.
Last week’s analysis expected that US Oil had begun a deeper and longer lasting consolidation. A downwards week with a lower low and a lower high fits this expectation.
The pullback has reached the lilac trend line where it was expected to find support.
Last week’s analysis expected an upwards trend in place, and suggested pullbacks are an opportunity to join the trend.
Last analysis expected more upwards movement for the week, which is what has happened.
A new high on Friday for US Oil shifts the probabilities of the three daily Elliott wave counts.