Following a highly successful long gold (and gold miners) call in late May, and then a call for a good-sized rally in US equities out of the post-Brexit vote low in late June, Sid Norris from ElliottWavePredictions.com suggested to paid subscribers that crude oil was due for a large bounce starting as early as late July. That trade is also working very well, and subscribers are once again benefiting greatly from trading based on Sid’s unique method of combining Elliott wave and Hurst cycle analysis.
Here are a few of the actual screenshots Sid sent out to paid subscribers. First the 240-minute chart of the QM futures contract on Wednesday, July 27:
Then, the 240-minute chart of the QM contract on Sunday, July 31:
Then the 240-minute chart of QM on Wednesday, August 3:
And the 240-minute chart from Sunday August 7:
and the 240-minute chart from Wednesday, August 10:
and from Sunday, August 14:
and finally, from Wednesday, August 17:
Crude Oil closed today (August 19) at $49.050, up over 23% in just three weeks!
Each weekend edition of EWP ScreenShots includes weekly, daily, 240-minute, and 60 or 90-minute charts of Oil. The mid-week editions include updated 240-minite and 60 or 90-minute charts.
Once again, the combination of Elliott Wave and its associated Fibonacci price targets and Hurst cycle analysis has proved its worth. Notice the Fibonacci target (@ $39.525) where blue C would equal blue A times 1.618. That target is shown back on the July 27 chart. Oil (QM) bottomed on August 2, at $39.25. Also, notice the Hurst 20-week cycle trough window shown in green on every chart above. 20-week cycles troughs are imminently tradeable. Just recently, the large, late May bounce in Gold was out of a 20-week cycle trough, and the large bounce in US equities starting in late June was also out of a 20-week cycle trough.