Crude Oil: Extension higher expected

2CL 6020170202213542

Revised view suggests that Crude Oil rally from 1/10 low (50.71) is unfolding as a diagonal where Minor wave 1 ended at 54.08 and Minor wave 2 is proposed complete at 52.22. Crude Oil has broken above 54.08, and thus showing a 5 swing sequence from 1/10 low and favoring more upside. Near term, while pullbacks stay above Minuette wave (x) at 53.35, but more importantly above Minor wave 2 at 52.22, expect Oil to resume higher towards 55.41 - 55.91 area next. If Crude oil breaks below 53.35, that … [Read more...]

Crude Oil: The next leg higher has started

2CL 6020170201211419

Revised view suggests that Crude Oil rally from 1/10 low (50.71) is unfolding as a diagonal where Minor wave 1 ended at 54.08 and Minor wave 2 is proposed complete at 52.22. A break above 54.08 would add more conviction to the view that the next leg higher has started, until then a double correction in Minor wave 2 and another low below 52.22 can’t be ruled out. Near term, expect more upside towards 53.96 - 54.28 area to complete Minuette wave (w) and end cycle from 1/31 low (52.22). Afterwards, … [Read more...]

Oil CL_F: Buying Opportunity should come soon

2CL 6020170130211704

Rally to 55.24 completed Intermediate wave (W) and ended the cycle from 8/3/2016 low. From 55.24 high, oil turned lower to correct the cycle from 8/3 low as a double three structure where Minor wave W ended at 50.71 and Minor wave X ended at 54.08. Decline from 54.08 high is showing a 5 swing structure suggesting that short term, while oil remains below 53.46, another leg lower is expected towards 51.02 - 51.95 area to complete Minute wave ((w)) and end cycle from 1/27 peak (54.08). Afterwards, … [Read more...]

$CL (Oil) New buying opportunities soon.

Oil New Buy Opportunity

Oil (CL_F) is showing a bullish sequence in the daily time frame from 2/12/2016 low, favoring further upside. We like to buy the pullbacks in two areas. Watch the video, chart and commentary below: Oil Video   Oil Chart and Commentary While Oil stays below 54.1, but more importantly as far as pivot at 55.24 stays intact, it is expected to turn lower to correct the cycle from 8/3 low (39.19) as a double three structure. A double three is a 7 swing corrective structure … [Read more...]

CL_F Elliott Wave Forecast 12.29.2016

2CL 6020161228214624

CL_F (Oil) is showing an incomplete 5 swing sequence from 2/8 low ($26.02), favoring for more upside. The latest rally up from 11/14 low ($42.2) is proposed to be unfolding as a triple three where wave W ended at $49.2, wave X ended at $44.82, wave Y ended at $54.51, and second wave X ended at $49.97. The internal structure of wave Z is unfolding as a double three structure where wave (w) of Z ended at  $53.79 and wave (x) of Z has ended at $52.08. Near term, the rally from wave (x) low ended at … [Read more...]

CL_F Elliott Wave Forecast 12.28.2016

2CL 6020161227221657

CL_F (Oil) is showing an incomplete 5 swing sequence from 2/8 low ($26.02), favoring for more upside. The latest rally up from 11/14 low ($42.2) is proposed to be unfolding as a triple three where wave W ended at $49.2, wave X ended at $44.82, wave Y ended at $54.51, and second wave X ended at $49.97. The internal structure of wave Z is unfolding as a double three structure where wave (w) of Z ended at  $53.79 and wave (x) of Z has ended at 52.08. Near term, expect a pullback to correct the … [Read more...]