WaveTrack International

Elliott Wave Financial Price Forecasting

Crude Oil

by m.tamosauskas| May 16, 2014 | No Comments

22_oil_140516

Crude oil continues to trade in a very complex pattern sequence since establishing its upswing from January’s low of 91.24 into the March high of 105.22. Our latest short-term update describes a subsequent three wave decline from 105.22 into the March low at 97.28 followed by three waves up into the April high of 104.99 – another three price-swing decline into the early May low at 98.74 and now a break above the interim high of 102.20. Unscrambling these sequences into a visible Elliott Wave pattern translates into a developing expanding flat in progress as minor wave ii. from the 105.22 high. Three price swings down form a zig zag to 97.28 as minute wave a followed by a double zig zag upswing in progress as wave b to 106.43. A final five wave impulse decline then begins minute wave c towards 94.41 derived by extending wave a by a fib. 38.2% ratio. We remain alert to alternatives although this current pattern seems the most obvious for its current development. The medium-term uptrend remains intact.

Category: Crude oil

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WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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