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Elliott Wave Analysis of the CBOE Oil Index (VIO) by Sid from ElliottWavePredictions.com

 Crude Oil  Comments Off on Elliott Wave Analysis of the CBOE Oil Index (VIO) by Sid from ElliottWavePredictions.com
Feb 102013
 

CBOE Oil weekly 2-10-13

Elliott Wave Analysis of the CBOE Oil Index (VIO) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Here’s a chart of CBOE Oil, an index of the 15 largest integrated oil companies. It shows how oil stocks have taken off to the upside as a direct result of QE4. A quick check of Crude Oil will show that it is rallying strongly in tandem with oil stocks, as it generally will do. The two are typically highly correlated.

The middle section of the chart (from May 2011 through November 2012) can only be interpreted in two ways in my opinion. Either it is a bearish nested 1-2, or, it has already finished a large triangle, with the upward thrust from the triangle underway now. If the (alternate) triangle count is correct, using Elliott’s triangle measuring technique, the upward target for the thrust is slightly above the 2008 all-time high. In that scenario, price would move above the February 29 2012 high in aggressive fashion, and would continue shooting upward, challenging the all-time high by Q3 2013.

If my main count of the bearish nested 1-2 scenario is correct, price will not move above the 2-29-12 high, and will move aggressively lower in wave 3 fashion, as one would expect in a negative GDP environment. Which scenario unfolds now will depend on whether nature wins out, or the fed’s artifice. Either way, the result is going to be painful to a very large percentage of the population, whether they’re involved with the stock market or not.

It is interesting to note the exact point that QE4 was announced (shown by the red arrow on the chart). The CBOE Oil Index was about to enter the strongest middle portion of wave 3 of 3 to the downside.

http://elliottwavepre.wpengine.com

Sid

(here’s my last post on Oil)

Elliott Wave Analysis of Crude Oil (QM futures contract) by Sid from ElliottWavePredictions.com

 Crude Oil  Comments Off on Elliott Wave Analysis of Crude Oil (QM futures contract) by Sid from ElliottWavePredictions.com
Sep 242011
 

Elliott Wave Analysis of Crude Oil (QM futures contract) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Here’s a sneak peek at my current main Elliott Wave count for Crude Oil (QM), depicted on a weekly chart.

Please join me for my weekly 2-3 hour LIVE Sunday morning webinar. Covered topics include my long, intermediate, and short term Elliott Wave counts and price targets for the major world stock markets, commodities, and currencies, as well as tips on how to improve your own Elliott Wave technical analysis. If you enroll, but can’t attend LIVE, you’ll automatically receive a recording of the webinar. Here’s more info, including how to enroll.

Best Regards,
Sid
http://elliottwavepre.wpengine.com

P.S . . I was on vacation last weekend, but in the last “Counts” webinar (on September 11, 2011), I showed a bearish 1-2-1-2 setup in Silver, and stated that I was definitely bearish the XY contract. Silver was at $41.52 at the time. It closed Friday (9-23) at $31.14, down 25% in two weeks. Yay!

Elliott Wave Analysis of Crude Oil and the USD/CAD Currency Pair by Sid from ElliottWavePredictions.com

 Crude Oil, USD/CAD  Comments Off on Elliott Wave Analysis of Crude Oil and the USD/CAD Currency Pair by Sid from ElliottWavePredictions.com
Jul 162011
 

Elliott Wave Analysis of Crude Oil and the USD/CAD Currency Pair by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.

As anyone who’s attended any of my recent webinars knows, I’m expecting major trend changes in most major markets within the next few days (or weeks on the outside), and Crude Oil (and therefore the Canadian Dollar) is no exception. See the charts for projected movements/targets.

After spending most of the last two days in a marathon wave counting session of the major world stock markets, currencies and commodities, I must say that the technical case for any sort of equity bullishness that could last longer than a very few more days is shrinking fast. For the complete story, please join me for Sunday’s regular “Counts” webinar. There are still a few seats available.

Also, I only have a few enrollees in this Sunday’s LIVE “Early Detection of Trend Changes Using a Combination of Elliott Wave, MACD, and Japanese Candlesticks” webinar, which I recently updated and revamped, so anyone who enrolls at this late hour may attend (and/or receive a link to a recording of it) THIS TIME ONLY (July 17, 2011) for a reduced donation amount of $12.50. Max enrollees = 25. Here’s how to enroll . .

Hope to speak with you in a webinar real soon!

Thanks,
Sid
http://elliottwavepre.wpengine.com

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