A very small range week moves price mostly sideways. The Elliott wave count remains the same.
Again, upwards movement continued to reach 1.01 above the target for the week.
Upwards movement continued as expected for the week and has almost reached the target. The Elliott wave structure is almost complete.
Last week’s analysis expected a bounce to continue for US Oil. An outside week closes green and price remains within the channel on the daily chart.
The bounce continues towards the target as expected.
A new high above 57.88 indicated the bounce was not over. The target remains the same.
Price this week remains range bound. Two Elliott wave counts are again used to identify targets after a breakout.
Price remains within the channel on the daily chart.
Two daily Elliott wave counts are published for members this week.
Last end of week analysis for US Oil expected this week to see the upwards bounce continue towards the target. This is exactly what has happened. The small target zone remains unchanged this week.
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.