In November 30, the OPEC members agreed to cut oil production by 1.2 million barrels causing a 9.3% rally in CL_F. Since then, U.S. crude futures continued to rally and took out the previous high of the year made on October 18 at $50.78. We’ve suggested that from technical point of view, CL_F is showing […]

Short Term CL_F Elliott wave forecast suggests that the rally from 11/14 (42.21) low is unfolding as a triple three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82, wave ((y)) ended at $52.43 and 2nd wave ((x)) ended at $49.64. CL_F has gapped up at the opening on Monday Dec 12 and short term while […]

Short Term CL_F Elliott wave forecast suggests that the rally from 11/14 low is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82. and wave ((y)) of W is proposed complete at $52.43. Down from there, wave (w) ended at $50.28, and wave (x) bounce ended at $51.2. While bounces […]

Short Term Oil Elliott wave forecast suggests that the rally from 11/14 low is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82. and wave ((y)) of W is proposed complete at $52.43. Down from there, wave (w) ended at $50.28, and while wave (x) bounce stays below $52.43 […]

Short Term Oil Elliott wave forecast suggests that the rally from 11/14 low is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82. and wave ((y)) of W is proposed complete at $52.43. Near term, while bounces stay below there, oil is expected to turn lower within wave X […]

Oil’s price has been completely crushed in the past 3 years. From $112.2 peak in Aug 2013, Oil’s price dropped 77% until it finally found a support in Feb 2016 at $26. From Feb 2016 low, Oil Elliott wave sequence is showing 5 swing (daily chart below), which suggests that further upside is possible. Last Wednesday […]