My Bias: market topping process completing
Wave Structure: Impulsive 5 wave structure, topping in an all time high, now beginning new bear market.
Long term wave count: topped in wave (5)

The low of todays session so far hit 24630,
This is labelled as wave '1' of 'i' of a possible return to the larger downtrend in wave [iii] green.

The rise off todays low is in a clear abc correction wave pattern,
This suggests that a corrective rise in wave '2' blue is underway.
A further break of 24630 tomorrow will confirm that wave '3' down has begun.

In the short term,
The signs are lining up so far that another serious acceleration lower is on the cards.
I want to see a clear five wave pattern in wave 'i' pink,
Followed by a three wave corrective rise in wave 'ii'.
which will create the bearish Elliott wave signal I am looking for.

Tomorrow;
Prices must remain below 24994 from here on out, as per the elliott wave rules.
Watch for a break of 24630 and a decline in wave '3' blue.

U.S CRUDE OIL

My Bias: topping in a large correction wave [4].
Wave Structure: Double combination higher in wave [4] red now complete.
Long term wave count: wave [5] target $20

30 min

4 Hours

Daily

The rise off Tuesdays low at 70.42,
has created a clear three wave pattern to the upside.
The price has filled the trend channel and should now turn back down again.

I have labelled the rise as a possible second wave complete at todays highs.
Price must not break above 71.92 from here on,
And wave '3' down should begin off todays highs.

Much like the DOW,

followed by a three wave corrective rise in wave 'ii'.
That will complete another Elliott wave indicator sell signal off the recent high,

The stakes are very high in crude oil right now.
And the long term elliott wave pattern could carry the price below $20 if I am correct.

Back to the short term.

Tomorrow;
71.92 must hold to,
Watch for a break of 70.42 in a possible wave '3' down.

There is a big move coming in the markets!

To stay ahead of the next trend,

Check out the membership page.

Enda Glynn
http://bullwaves.org
I am an Elliott wave trader,
I have studied and traded using Elliott wave analysis as the backbone of my approach to markets for the last 10 years.
I take a top down approach to market analysis
starting at the daily time frame all the way down to the 30 minute time frame.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.