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.
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.
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.
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.
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.